021('

&5(',7,(&+,/,%58021(7$5

RQHGD FUHGLWXO HFKLOLEUXO PRQHWDU VLVWHPXO EDQFDU L IXQF LRQDUHD OXL SLD D
ILQDQFLDU  vQ DQVDPEOXO HL L vQ FRQWH[WXO FHORU GRX  FRPSRQHQWH FHD GH FDSLWDO L

FHD PRQHWDU  IOX[XULOH HFRQRPLFH L FLUFXLWXO HFRQRPLF HFRQRPLD vQ DQVDPEOXO HL H[LVW  L
IXQF LRQHD] SHVHDPDEDQLORU%DQLLVXQWXQLQVWUXPHQWHFRQRPLFGHSULP vQVHPQ WDWHGHRDUHFH
VHUHJ VHVFvQVWUXFWXUDILHF UHLFRPSRQHQWHDVLVWHPXOXLHFRQRPLFGDULvQFRQ LQXWXOOHJ WXULORU

dintre aceste componente. De aceea, laureatul Nobel pentru economie, Paul Samuelson considera
F EDQLLDXvQHFRQRPLHDFHODLUROSHFDUHVkQJHOHLVHYDvODXvQOXPHDYLH
Q HVHQ D ORU EDQLL VXQW R PDUI  FH PLMORFHWH VFKLPEXO L DUH URO GH HWDORQ SHQWUX WRDWH
FHOHODOWHP UIXULSUH]HQWHODVFKLPE%DQLLDXH[LVWDW LH[LVW vQ IRUPHGLIHULWHFHDXHYROXDWvQ
GHFXUVXOWLPSXOXL GH ODP UIXUL GH RDQXPLW  VSH

 OD PHWDOH SUH LRDVH PRQHG  EDQFQRWH EDQL

GHKkUWLHPRQHG VFULSWXUDO LPRQHG HOHFWURQLF 

&DUDFWHULVWLFD HVHQ LDO  D EDQLORU vQ RULFDUH GLQ IRUPHOH VDOH HVWH F  UHSUH]LQW  XQ
LQVWUXPHQW GH P VXU  VFKLPE SODW  UH]HUY  L SXWHUH HFRQRPLF  DYkQG R ODUJ  UHFXQRDWHUH vQ
OXPHD SDUWLFLSDQ LORU OD DFWLYLWDWHD HFRQRPLF  L R DFFHSWDUH H[WLQV  vQ VSD LX L WLPS 0HWDOHOH
SUH LRDVH DXUXO L DUJLQWXO DX MXFDW PXOW  YUHPH UROXO GH EDQL ILH vQ IRUP  QDWXUDO  SHSLWH
SUDI ILH vQ IRUP  SUHOXFUDW  OLQJRXUL ILH vQ IRUP  E WXW  PRQHG  Q ]LOHOH QRDVWUH DFHVWH
PHWDOH vQ RULFH IRUP  D ORU DX vQFHWDW V  MRDFH DFHVW URO $WULEXWHOH PDL VXV PHQ LRQDWH DOH
LQVWUXPHQWXOXLHFRQRPLFEDQLUHSUH]LQW vQDFHODLWLPSIXQF LLOHHFRQRPLFHDOHDFHVWRUD

1.

0RQHGDLVLVWHPXOPRQHWDU

A. MonedaHVWHRIRUP
XQDFWGHYRLQ

DOXQHLDXWRULW

LQVWLWX LRQDOL]DW DEDQLORUFDUHFDS W RGHILQLUHIRUPDO SULQWU

LVWDWXOvQOXPHDPRGHUQ VXYHUDQXOvQHYXOPHGLXLFKLDUvQ

DQWLFKLWDWH R FRPXQLWDWH ORFDO  RUDXO DQWLF VDX FKLDU PHGLHYDO 'HILQLUHD IRUPDO  DUH vQ
YHGHUH VXSRUWXO IL]LF PDWHULDOXO GLQ FDUH VH FRQIHF LRQHD]  IRUPD vQVHPQHO

e, greutatea,

SXULWDWHD D 0RQHGD SRDWH IL PDUI  vQ P VXUD vQ FDUH DUH vQVXLUL LQWULQVHFL FDUH vL FRQIHU 
YDORDUHD vQ VLQH VDX SRDWH IL FUHDQ
GH YRLQ

 XQ DQJDMDPHQW SH FDUH L O DVXP  HPLWHQWXO DGLF  XQ DFW

 DO DFHVWXLD Q VHQVXO SRVLELOLW

LORU FRJQLWLYH PRQHGD HVWH R LQIRUPD LH SULYLQG

GLPHQVLXQHD FDQWLWDWLY  D YDORULL SH FDUH HD vQV L R UHSUH]LQW  YDORDUH FH SRDWH IL UHDO  
LQWULQVHF VDXLPSXV SULQDFWXOGHYRLQ

DOHPLWHQWXOXLLSXWHUHDVDFRHUFLWLY )LLQGRIRUP D

banilor, moneda QGHSOLQHWHDFHODLUROLDUHDFHOHDLIXQ LLFDLEDQLL

'LQSXQFWXOGHYHGHUHDOSDWULPRQLXOXL XQXLDJHQWHFRQRPLFSRVHVRUGHPRQHG DFHDVWD
UHSUH]LQW  XQ DFWLY XQ PLMORF L QX R VXUV  6WRFXO GH PRQHG  DO DJHQWXOXL HFRQRPLF FH
HODERUHD]  ELODQ  VH J VHWH GH DFHHD vQ DFWLYXO ELODQ XOXL QX vQ SDVLY 6XQW UHFXQRVFXWH SDWUX

categorii mari de active: monetareEDQLvQFDV

LvQFRQWXULOHFXUHQWHGHODEDQF &(& XULL

quasimonetare (depozite pe WHUPHQODE QFLL

titluri pe termen scurt); financiare DF LXQL L REOLJD LXQL reale EXQXUL PRELOH VDX LPRELOH L

DOWHLQVWUXPHQWHFXFDUHVHSRWRQRUDGLUHFWSO

L

WHUHQXUL 'LQWUH WRDWH DFHVWHD PRQHGD HVWH OLFKLGLWDWH SULQ H[FHOHQ

SO

 FX DMXWRUXO HL VH SRW IDFH

L GLUHFW L FX FHO PDL PLF ULVF G

e pierdere de valoare. Toate celelalte categorii de active

SUH]LQW vQRUGLQHDvQFDUHDXIRVW SUH]HQWDWH OLFKLGLWDWHGLQFHvQFH PDLVF ]XW L YDULDELO SH

componente.
B. Sistemul monetarUHSUH]LQW

 PXO LPHDQRUPHORUL LQVWLWX LLORUGHILQLWHGH VWDW

pentru

UHJOHPHQWDUHD RUJDQL]DUHD L VXSUDYHJKHUHD WXWXURU SUREOHPHORUOHJDWH GH H[LVWHQ D LFLUFXOD LD

monedei.
)LHFDUHVWDWvLHODERUHD] XQVLVWHPPRQHWDUSURSULXQD LRQDOFDH[SUHVLHDVXYHUDQLW

LL

VDOH Q 5RPkQLD GH SLOG  VLVWHPXO PRQHWDU QD LRQDO D IRVW LQL LDW vQ DQXO  FD UH]XOWDW DO
GREkQGLULLLUHFXQRDWHULLLQWHUQD LRQDOHDVXYHUDQLW

LLGHVWDW

6LVWHPXOPRQHWDUHVWHGHILQLWvQSULQFLSDOSULQXUP WRDUHOHFRPSRQHQWH

XQLWDWHDPRQHWDU 

etalonul monetar;

HPLVLXQHDPRQHWDU 

FLUFXOD LD

banilor.

8QLWDWHDPRQHWDU

HVWHGHIDSWPRQHGDQD LRQDO FDUHDUHRDQXPLW GHQXPLUHLFRQIHU 

R DQXPLW  SXWHUH GH FXPS UDUH Q OHJ WXU  FX XQLWDWHD PRQHWDU  VXQW LQWURGXVH WUHL HOHPHQWH
FDUDFWHULVWLFHGHGHILQLUHLGHUDSRUWFXDOWHXQLW

(L

LPRQHWDUH

YDORDUHD SDULWDU  FDUH VWDELOHWH HFKLYDOHQ D PRQHGHL QD LRQDOH FX DOWH YDORUL

FRQVLGHUDWH UHSUH]HQWDWLYH DXU DUJLQW XQLWDWHD PRQHWDU  D XQHL DOWH

UL XQ FR GH GHYL]H VDX

'67DGLF GUHSWXULVSHFLDOHGHWUDJHUH PRQHG GHFRQWLQL LDW GH)0,vQ

1969 (prin definire n

UDSRUWFXDXUXOLUHIRUPXODW vQSULQUHGHILQLUHvQUDSRUWFXXQFRYDOXWDUGHGHYL]HL

vQSULQUHGHILQLUHvQUDSRUWFXXQFRYDOXWDUGHGHYL]HOLEHUFRQYHUWLELOH
LLSDULWDWHDPRQHWDU FDUHVWDELOHWHUDSRUWXOYDORULFvQWUHGRX XQLW

pmA / B =

LPRQHWDUH

vpA
vpB

unde: pmA/B SDULWDWHDPRQHWDU vQWUHPRQHGHOH$L%

vpA
YDORDUHDSDULWDU DPRQHGHL$
vpB
YDORDUHDSDULWDU DPRQHGHL%
(iii) cursul de schimb careVWDELOHWHQXP UXOGHXQLW

(121)

LPRQHWDUHVWU LQHFDUHVHVFKLPE 

FX R XQLWDWH PRQHWDU  QD LRQDO  SHQWUX UD LXQL GH FRPRGLWDWH VH SRDWH DFFHSWD L H[SULPDUHD
LQYHUV  Q FRQGL LLOH GHILQLULL PRQHGHORU QD LRQDOH SULQ SXWHUHD ORU GH FXPS UDUH VLQJXUXO

elemenWDFWLYU PkQHFXUVXOGHVFKLPEFDUHvQFD]XOF HVWHRILFLDOHVWHVLQRQLPSDULW LL

Etalonul monetarHVWHEXQXOSULQFDUHVHGHILQHWHXQLWDWHDPRQHWDU RPDUI RDUHFDUH
XQPHWDOSUH LRVVDXDPEHOHSXWHUHDGHFXPS UDUHVDXRDOW PRQHG QD LRQDO 'in acest punct
de vedere, sistemul monetar n statele moderne poate fi: monometalist, bimetalist, aur-devize,
SXWHUHGHFXPS UDUHDFHVWDGLQXUP ILLQGvQ]LOHOHQRDVWUHTXDVLJHQHUDOL]DW
(PLVLXQHD PRQHWDU

 DUH vQ YHGHUH FRQIHF LRQDUHD EDQLORU vQ YHGHU

e punerii lor n

FLUFXOD LH(PLVLXQHDGHPRQHG FXVDXI U YDORDUHLQWULQVHF GHEDQFQRWHVDXGHEDQLGHKkUWLH

HVWH UH]HUYDW  VWDWXOXL VDX % QFLL &HQWUDOH ]LV  L GH (PLVLXQH Q ]LOHOH QRDVWUH EDWHUHD GH
PRQHG  VH UHIHU  FX PLFL H[FHS LL OD FHD GLYL]LRQDU  UDUHRUL FX YDORDUH GH VLPERO L FX
FLUFXOD LHVWULFWQXPLVPDWLF  VHPDLEDWHLPRQHG GHDXUVDXDUJLQW7LS ULUHDEDQLORUGHKkUWLH
FD L EDWHUHD PRQHGHL GLYL]LRQDUH VH IDFH SULQ JULMD 7UH]RUHULHL 6WDWXOXL Q DFHVW VFRS VXQW

prestabilite de cRPXQ DFRUG FX %DQFD &HQWUDO

 FXSLXULOH FDUDFWHULVWLFH Q 5RPkQLD OD ILQHOH

DQXOXL  H[LVWDX vQ FLUFXOD LH  FXSLXUL      L  PRQHGH
GLYL]LRQDUHL
(PLVLXQHD GH PRQHG  VFULSWXUDO  L GH PRQHG  HOHFWURQLF  VH SRDWH IDFH GH F WUH RULFH
EDQF vQOLPLWDXQRUUHJXOLLPSXVHGH%DQFD&HQWUDO  GLQWUHFDUHFHDDUH]HUYHLREOLJDWRULLHVWH
SRDWH FHDPDL LPSRUWDQW  GLQWU XQ GLVSRQLELO H[LVWHQW VH SRDWH HPLWHPDV  VFULSWXUDO  QXPDL vQ

OLPLWDXQXLSODIRQFXFHOSX LQ

mai mic, unde HVWHFRWDGHUH]HUY

REOLJDWRULH$FHDVWD

IDFH FD PXOWLSOLFDUHD PDVHL PRQHWDUH V  VH IDF  FRQWURODW QX PDL PXOW GHFkW XQ FRHILFLHQW

k de

multiplicare, cu valoarea:
k = 1 / %

(122)

&LUFXOD LDEDQLORUDUHvQYHGHUHXWLOL]DUHDORUvQDFWLYLWDWHDHFRQRPLF LQWHUQ LH[WHUQ 

Q LQWHULRUXO

ULL EDQLL FLUFXO  SULQ DFWXO GH YRLQ

 DO VWDWXOXL FDUH LPSXQH RULF UXL DJHQW

HFRQRPLF DF LRQkQG vQ DU  V  DFFHSWH L V  XWLOL]H]H vQ DFWLYLWDWHD VD LQWHUQ  VWULFW PRQHGD
QD LRQDO GHDVHPHQHDSHGHSVHWHGLVWUXJHUHDFXLQWHQ LHLIDOVLILFDUHDEDQLORU
Q UHOD LD FX DOWH PRQHGH QD LRQDOH FLUFXOD LD EDQLORU ULGLF  SUREOHPD FRQYHUWLELOLW

LL

PRQHGHLDGLF DvQVXLULLHLOHJDOHGHDVHSUHVFKLPEDvQDOWHPRQHGHODXQSUH GDWGHFRQGL LLOH

SLH HL FXUV GH VFKLPE FXUHQW VDX OD XQ SUH  VWDELOLW GH VWDW FXUV GH VFKLPE RILFLDO DSOLFDW vQ
RSHUD LXQLSUHFL]DWHSULQOHJH
&RQYHUWLELOLWDWHDHVWHRP VXU GHVSULMLQLUHDGH]YROW ULLHFRQRPLFHGHRDUHFHVWLPXOHD] 
VFKLPEXULOH H[WHUQH L OLEHU  FLUFXOD LH D FDSLWDOXULORU &RQYHUWLELOLWDWHD OD UkQGXO HL VH ED]HD] 
SHHILFLHQ DHFRQRPLHLSHFRPSHWLWLYLWDWHDEXQXULORUQD LRQDOHvQUDSRUWFXFHOHVWU LQHGDULSH
VXV LQHUHDHLGHF WUHVWDWSULQSROLWLFLPRQHWDUHLYDOXWDUH$FHVWXOWLPDVSHFWHVWHUHJOHPHQWDWL
SULQ XQHOH DFRUGXUL LQWHUQD LRQDOH OD FDUH VWDWHOH DGHU  vQ PRG EHQHYRO DFRUGXUL FH SUHY G XQ
DQXPLWVSULMLQDOFRPXQLW

LLLQWHUQD LRQDOHVSULMLQDOF UXLSUH VXQWDQJDMDPHQWHOHGHVXV LQHUHD

PRQHGHL SURSULL LQFOXVLY SULQ VWLPXODUHD GH]YROW ULL HFRQRPLFH vQ FRQGL LL GH HILFLHQ
,QWHUYHQ LLOHGHVXV LQHUHDPRQHGHLVXQWHIHFWXDWHvQPRGDOLW



L GLIHULWHLQFOXVLYSULQYkQ]DUHD

FXPS UDUH GH PRQHG  QD LRQDO  GH F WUH %DQFD &HQWUDO  GDU PDL DOHV SULQ PHFDQLVPXO UDWHL
GREkQ]LLWD[DRILFLDO DVFRQWXOXL

C.

6LVWHPXO PRQHWDU LQWHUQD LRQDO

, din punct de vedere cronologic, este ulterior

ita, favoriza

VLVWHPHORUPRQHWDUHQD LRQDOHLDIRVWFUHDWGLQQHFHVLWDWHDVWDWHORUGHDVSULMLQLIDFLO
L VWLPXOD OHJ WXULOH HFRQRPLFH vQWUH

UL ,QL LDO D DS UXW VXE IRUPD XQRU JUXSH GH VWDWH OHJDWH

SULQLQWHUHVHFRPXQHVDXSULQUHOD LLFRPHUFLDOHWUDGL LRQDOH

8QLXQHD0RQHWDU /DWLQ 

-1914);
-1918);
blocuri monetare: al lirei sterline (1931-1939), al francului francez (1932-1945),
al dolarului (1933-1944).
8QLXQHD0RQHWDU *HUPDQ 

8OWHULRU vQ  SULQ vQ HOHJHULOH LQWHUYHQLWHvQ&RQIHULQ D 0RQHWDU  L)LQDQFLDU  GH OD

Bretton Woods (SUA) s-a constituit actualul sistem monetar inWHUQD LRQDOFXRSDUWLFLSDUHVWDWDO

TXDVLFXSULQ] WRDUH Q SDUDOHO IXQF LRQHD]  XQ VLVWHP PRQHWDU HXURSHDQ FRQYHQLW vQ  GH
ULOHSDUWLFLSDQWHOD&RPXQLWDWHD(FRQRPLF (XURSHDQ FXH[FHS LD0DULL%ULWDQLLLFRPSOHWDW

n 1991 prin acordul de la Maastricht (Olanda) care a condus la introducerea de la 1 ianuarie

 D PRQHGHL HXURSHQH (852 FD PRQHG  FRWDELO  SH SLD D YDOXWDU  L FDUH GHYLQH PRQHG 
HIHFWLY vQ
6LVWHPXOPRQHWDULQWHUQD LRQDOVHGHILQHWHSULQRUJDQL]DUHDSLH HLYDOXWDUHLQWHUQD L

onale

L SURGXFHUHD DFWLYHORU SHQWUX UH]HUYHOH YDOXWDUH QD LRQDOH DOH GLIHULWHORU VWDWH GDU L SHQWUX
UH]HUYHOHYDOXWDUHDOHLQVWLWX LLORUPRQHWDUHLQWHUQD LRQDOH
$FRUGXO GH OD %UHWWRQ :RRGV VWDELOHWH FRQVWLWXLUHD XQRU LQVWLWX LL LQWHUQD LRQDOH FDUH V 
VSULMLQH

ULOHFH VH FRQIUXQW FX GLILFXOW

YDOXWDU GH]HFKLOLEUXO EDODQ HL GH SO

LILQDQFLDUH YDULD LD FXFRQVHFLQ H QHJDWLYH DFXUVXOXL

L LQVXILFLHQ D UHVXUVHORU ILQDQFLDUH FD HIHFWDO GLILFXOW

LORU

HFRQRPLFH DD FXP HVWH )RQGXO 0RQHWDU ,QWHUQD LRQDO )0, SUHFXP L FDUH V  VWLPXOH]H L
VXV LQ  HIRUWXULOH QD LRQDOH GH UHFRQVWUXF LH L GH]YROWDUH DD FXP HVWH %DQFD 0RQGLDO  %0
'HDVHPHQHDDFRUGXOSUHYHGHDFUHDUHDXQHLPRQHGHGHUH]HUY 

- DST.

FMI DUH FD SULQFLSDO

 IXQF LH FUHGLWDUHD WHPSRUDU  D GHILFLWHORU EDODQ HL GH SO

GLIHULWHORU VWDWH PHPEUH 'LVSRQLELOLW

L D

LOH )0, SURYLQ GLQ DSRUWXO VWDWHORU PHPEUH L GLQ

GREkQ]LOH QHWH UH]XOWDWH GLQ DORFDUHD F WUH L GH LQHUHD GH F WUH ILHFDUH DU  D XQRU FDQWLW

L GH

DST. De asemenea, din creditele pHFDUH)0,OHSRDWHRE LQHvQED]DDFRUGXULORUvQFKHLDWHFX

ULLQGXVWULDOL]DWHSOXV$UDELD6DXGLW SUHFXPL FXE QFLFHQWUDOH GLQ
$UDELD6DXGLW 

ULHXURSHQH-DSRQLDL

$SRUWXOPHPEULORUVHVWDELOHWHvQFRW SURFHQWXDO GLQWRWDOXOUHVXUVHORU)0,LvQUDSRUW

FXSRWHQ LDOXOHFRQRPLFDOUHVSHFWLYHL

UL$SRUWXOVHGHSXQHvQWU

-una sau n mai multe din

GHYL]HOH FH GHILQHVF '67 L  vQ PRQHG  QD LRQDO  $ORFDUHD GH '67 XQHL

UL VH IDFH vQ

raport cu cota sa de participare la fond, sunt nerambXUVDELOH L VH IDF vQ ED]D XQHL VROLFLW UL L D
XQHL HYDOX UL D VW ULL HFRQRPLFR-ILQDQFLDUH D
ULL UHVSHFWLYH Q DFHLDL PDQLHU 
ULOH PHPEUH
SRWVROLFLWDWUDJHULGH'67FXUROXOGHFUHGLWHDF URUYDORDUHQHUDPEXUVDW ODXQPRPHQWGDWQX
SRDWHGHS LGH RULFRWDGHSDUWLFLSDUH7UDJHUHDGH'67vQVHDPQ F WU J WRUXOFXPS U GH
OD)0,GHYL]HGHXQDQXPLWIHOQXPLWHvQPRGH[SUHVGHFKLDUWU J WRUVDX'67GHSXQkQGvQ
VFKLPEHFKLYDOHQWXOvQPRQHG QD LRQDO 5HWXUQDUHDVHIDFHSULQWU

-un procedeu invers n termen

de 3-DQLH[FHS LRQDOVDXDQL

)RQGXOGHFRWHS U LDO)0, HVWHvQSUH]HQWGHPLOLDUGH'67DF UHLVWUXFWXU  SH

UL

este cca. 20% SUA, cte cca 6-$QJOLDL*HUPDQLDFkWHFFD-)UDQ L-DSRQLDFkWH

cca. 3-3,5% AUDELD6DXGLW &DQDGDL,WDOLDLFFDDOWHFLUFDGH ULvQ)0,DYHD
GH

ULPHPEUH)LHFDUHPHPEUXDUHGUHSWGHYRWvQOHJ WXU FXGHFL]LLOHPDMRUHLGLVSXQH

GHXQQXP UGHYRWXULFDOFXODWDVWIHO

unde: vi
ci
F

c F
,
vi = 250 + i
10000

(123)

QXP UXOGHYRWXULGHFDUHGLVSXQH DUDL

FRWD

ULLLGHSDUWLFLSDUHODIRQGXOFRPXQ

= cuantumul fondului comun exprimat n DST.

$ORF ULOHLWUDJHULOHGH'67DXHIHFWXOXQRULQWU ULGHGHYL]HvQ DUDEHQHILFLDU FHHDFH

permite acesteia:

-LPDMRUH]HUH]HUYDYDOXWDU

RILFLDO 

V FXPSHUHPRQHG FRQYHUWLELO GHODR DU PHPEU )0,

V

-LDFRSHUHGHILFLWHOHEDODQ HLGHSO

V DFRUGHFUHGLWHLQWHUQD LRQDOHDOWRU

L
UL

V HPLW YDORULPRELOLDUHSHWHUPHQOXQJ
V JDUDQWH]HREOLJD

ii financiare.

)LQDQ DUHD FH DUH FD RELHFWLY GHILFLWXO EDODQ HL GH SO
FUHGLWHOLEHUDWHvQFDGUXODWUHLSRVLELOHPRGDOLW

L VH IDFH VXE IRUPD XQRU WUDQH GH

L67$1' %<PHFDQLVPXOO UJLWGHFUHGLWDUHL

SROLWLFDGHDFFHVO UJLWODFUHGLW)0,ILQDQ HD] FUHGLWHD] GHDVHPHQHDSURJUDPHGHDMXVWDUH

PDFURHFRQRPLF  VXE IRUPD XQRU IDFLOLW

L GH DMXVWDUH VWUXFWXUDO  VDX VWUXFWXUDO  FRQVROLGDW 

SUHFXP L LPSRUWXUL GH FHUHDOH vQ VLWXD LL H[FHS LRQDOH VXE IRUPD IDFLOLW

compensatorii sau proJUDPHVSHFLILFHXQRUVLWXD LLOLPLW 

BMDUHFDSULQFLSDO IXQF LHDFRUGDUHDXQRUFUHGLWHIRORVLQGUHVXUVHOH

LORU GH ILQDQ DUH

ULORUGH]YROWDWH

SHQWUXLQYHVWL LLGHUHFRQVWUXF LHLGH]YROWDUHvQVFRSXOFUHWHULLVWDQGDUGXOXLGHYLD

vQ

curs de dezvoltare. &HOHPDLIUHFYHQWHRELHFWLYHGHLQYHVWL LLVXQWFHOHLQIUDVWUXFWXUDOHF

ULOHvQ
LIHUDWH

LUXWLHUHDPHQDM ULSRUWXDUHWHOHFRPXQLFD LLRELHFWLYHHQHUJHWLFHUH HOHGHWUDQVSRUWDOHQHUJLHL

D Q VWUXFWXUD%0 VH UHJ VHVF WUHL LQVWLWX LL DXWRQRPH FXIXQF LXQL

diferite, conlucrnd pentru

UHDOL]DUHDVFRSXOXLFRPXQPDLVXVPHQ LRQDW
%DQFD ,QWHUQD LRQDO

 SHQWUX 5HFRQVWUXF LH L 'H]YROWDUH %,5' IRQGDW  vQ  L

DYkQG SHVWH  GH PHPEUL 6XUVHOH HL SURYLQ GLQ DSRUWXO PHPEULORU L PDL DOHV GLQ

mprumuturile dH SH SLD D LQWHUQD LRQDO

 GH FDSLWDO %,5' DFRUG  FUHGLWH SHQWUX LQYHVWL LL L DOWH

DF LXQL GH GH]YROWDUH UDPEXUVDELOH vQ FHO PXOW  GH DQL L FX SHULRDG  GH JUD LH GH  DQL
FRQGL LRQDWH GH XWLOL]DUHD ORU SHQWUX FUHDUHD GH RELHFWLYH VDX VWUXFWXUL FDUH V  FRQWULEXLH OD
FUHWHUHD SURGXVXOXL ILQDO DO

ULL FUHGLWDWH LPSOLFLW FUHDUHD XQRU VXUVH HILFLHQWH GH UDPEXUVDUH D

creditului.
$VRFLD LD ,QWHUQD LRQDO

 SHQWUX 'H]YROWDUH $,' FX DFHODL RELHFWLY GH FUHGLWDUH D

LQYHVWL LLORUGHGH]YROWDUHFDL%,5'GDUFLUFXPVFULVQXPDLFDWHJRULHL

ULORUFHORUPDLV UDFH

PRWLY SHQWUX FDUH SHULRDGD GH JUD LHHVWH GH  DQL LDU FUHGLWHOH QX VXQWSXUW WRDUH GH GREkQG 
3HULRGLF vQ DQXPLWH FLUFXPVWDQ H LQWHUQD LRQDOH DWkW %,5' FkW PDL DOHV $,' SURFHGHD]  OD

anularea unor datorii ale debitorilor lor.

&RUSRUD LD)LQDQFLDU

,QWHUQD LRQDO

,)&DOF UXLRELHFWLYHVWHDVLVWDUHDSURPRY ULLL

vQFXUDM ULL VHFWRUXOXL SULYDW vQ FHOH PDL V UDFH

UL SULQ FRQVXOWDQ

 LQVWUXLUH SDUWLFLSDUHD XQRU

VSHFLDOLWLPRELOL]DUHDGHIRQGXULFDSLWDODXWRKWRQVDXVWU LQD

DST HVWH R PRQHG

GHSODW vQWUH

 GH FRQW HPLV  GH )0, FX IXQF LH GH HWDORQ PRQHWDU UH]HUY  PLMORF

ULLPLMORFGHSURFXUDUHGHGHYL]HVWU LQH'XS '67DIRVWGHILQLWvQUDSRUW

cu dolarul american (USD), lirDVWHUOLQ

*%3PDUFDJHUPDQ '(0IUDQFXOIUDQFH])5)L

\HQXO MDSRQH] -$< &XUVXO '67 VH H[SULP  vQ UDSRUW FX ILHFDUH GLQ FHOH FLQFL PRQHGH GLQ
FRLVHVWDELOHWHGXS XUP WRDUHDUHOD LH

c DST / i = a j c j / i

i=1,2,3,4,5

(124)

j=1

unde: cDST/i = cursul DST exprimat n moneda i;

cj/i
= cursul curent de schimb al monedei j n raport cu i ;
aj
SRQGHUHDPRQHGHLMvQFR
LLM

LQGLFLSHQWUXLGHQWLILFDUHDPRQHGHORUGLQFR

86'

*%3HWF

Aportul monedHORU GLQ FR OD GHILQLUHD '67 VH VWDELOHWH SHULRGLF GH F
DMXVW UL GH UHJXO  OD FLQFL DQL 7RDWH FHOHODOWH

WUH )0, FX

UL DOH F URU PRQHGH QX SDUWLFLS  OD FR

VWDELOHVFLDILHD] SULQ%DQFD&HQWUDO XQFXUVSURSULX]LOQLFDO'67

D. Sistemul monetar european HVWH R FRQVHFLQ

 vQGHOXQJ L SURIXQG HODERUDW  D

8QLXQLL (FRQRPLFH (XURSHQH  OD FDUH SDUWLFLS  vQ SUH]HQW  VWDWH OD FDUH DVSLU  L DOWH VWDWH

europene dintre care alte 10 n diferite faze de preaderare. Sistemul este definit ca o uniune
PRQHWDU  SULQ FUHDUHD XQHL SLH H PRQHWDUH XQLFH FX R PRQHG  XQLF  (852 FX SXWHUH
FLUFXODWRULH L FX R %DQF  &HQWUDO  (XURSHDQ  FDUH YD U VSXQGH L GH HODERUDUHD SROLWLFLL
PRQHWDUHXQLFHLGHLQWHUYHQ LLOHSHSLD DYDOXWDU SULYLQGUDSRUWXOGHVFKLPEFX

EURO HVWH R PRQHG

alte monede.

 FX WRDWH DWULEXWHOH L IXQF LLOH XQHL PRQHGH QD LRQDOH GHILQLW  FD

XQ FR YDOXWDU OD FDUH SDUWLFLS  WRDWH PRQHGHOH QD LRQDOH DOH
F UHL FXUV VH VWDELOHWH FRQIRUP UHOD LHL  vQ FDUH v

ULORU PHPEUH DOH 8QLXQLL L DO

n prezent i L j = 1,2,, 15 urmnd ca

YDORDUHDVXSHULRDU V VHPRGLILFHRGDW FXDGHUDUHDXQXLQRXPHPEUX

&RQGL LLOHGHDGHUDUHSULYLQGVWDUHDILQDQFLDU PRQHWDU D

rata dobnzii pe termen lung V

DFHVWHLDvQFHOHWUHL

ULLDVSLUDQWHVHUHIHU OD

 QX GHS HDVF  FX PDL PX

lt de 2% media

ULPHPEUHFXFHDPDLPLF UDW DLQIOD LHLvQUHJLVWUDW vQPRPHQWXOvQFDUH

QRXODVSLUDQWIRUPXOHD] FHUHUHDGHDGHUDUH

UDWD LQIOD LHL V  QX GHS HDVF  FX PDL PXOW GH  PHGLD DFHVWHLD vQ FHOH WUHL

UL PHPEUH FX FHD PDL PLF  UDW  D LQIOD LHL vQUHJLVWUDW  vQ PRPHQWXO vQ FDUH QRXO DVSLUDQW
IRUPXOHD] FHUHUHDGHDGHUDUH

devalorizarea monedei propriiQXDIRVWSUDFWLFDW

vQ DUDDVSLUDQW vQFHLGRLDQL

DQWHULRULFHOXLvQFDUHDIRVWIRUPXODW FHUHUHDGHDGHUDUH

deficitul bugetarQXGHS HWHGLQSURGXVXOLQWHUQEUXW

GDWRULDSXEOLF QXGHS HWHGLQSURGXVXOLQWHUQEUXW

$YDQWDMHOH DGHU ULL UH]LG  vQ VWDELOL]DUHD L FRQVROLGDUHD HFRQRPLF  SULQ vQV L
vQGHSOLQLUHDFRQGL LLORUGHDGHUDUHUHGXFHUHDFRVWXULORUGHFRQYHUVLHDPRQHGHLQD LRQDOHvQDOWH

valute, eliminarea fluxurilor speculative de capital, diminuarea costurilor de constituire a

UH]HUYHORU YDOXWDUH GLPLQXDUHD ULVFXULORU DIHUHQWH HYHQWXDOHORU YDULD LL QHIDYRUDELOH DOH FXUVXOXL

de schimb, avanWDMH DO F

URU SUH  HVWH SLHUGHUHD DXWRQRPLHL PRQHWDUH L YDOXWDUH L SRVLELOD

FUHWHUH D RPDMXOXL /D QLYHOXO DFWXDOHL FRPSRQHQ H D 8QLXQLL (FRQRPLFH (XURSHQH QXPDL
UHGXFHUHD FRVWXULORU RSHUD LXQLORU GH FRQYHUVLH D PRQHGHORU QD LRQDOH DOH
PRQHGH DOH DOWRU

ULORU PHPEUH

UL PHPEUH VH FLIUHD]  vQ MXU GH  PLOLDUGH HXUR UHSUH]HQWkQG FFD  GLQ

SURGXVXOLQWHUQEUXWDO8QLXQLLLFFDGLQYHQLWXULOHE QFLORUGLQ

ULOHPHPEUHDOHDFHVWHLD

2.

0DVDPRQHWDU

3 VWUkQG FDUDFWHULVWLFD GH OLFKLGLWDWH L S

unctul de vedere patrimonial luat n considerare

FkQGDIRVWFDUDFWHUL]DW PRQHGDFDS,9PDVDPRQHWDU UHSUH]LQW DQVDPEOXOPLMORDFHORUGH

SODW  H[LVWHQWH OD XQ PRPHQW GDW vQ HFRQRPLH DGLF  DO DFHORU DFWLYH FDUH SRW IL XWLOL]DWH vQ
RSHUD LXQLDWkWGHDFKL]L LHFkWLGHVWLQJHUHGHREOLJD LLILQDQFLDUH
0DVD PRQHWDU  FXSULQGH XUP WRDUHOH SDWUX FDWHJRULL GH DFWLYH FX OLFKLGLWDWH ULGLFDW  VDX
IRDUWHULGLFDW 

numerarul;

PRQHGDGHFRQWDGLF GLVSRQLELOXOGLQFRQWXULOHFXUHQWHLGHSXQHULOHODYHGHUH

GHSR]LWHOHODWHUPHQLvQYHGHUHDHFRQRPLVLULL

alte active, respectiv plasamentele n titluri: cambii, bonuri de tezaur, certificate

GHWH]DXUSROL HLSRWHFLREOLJD LXQLDF LXQL

&DUDFWHUL]DUHD GLQDPLFLL PDVHL PRQHWDUH GLPHQVLXQH ULWP VWUXFWXU  FD L HYDOXDUHD

FRQH[LXQLORU vQWUH SURFHVHOH PRQHWDUH L FHOH HFRQRPLFH VH IDFH FX DMXWRUXO LQGLFDWRULORU
PRQHWDUL$FHWLDVXQWJUXSD LSRWULYLWFRQ LQXWXOXLORUvQ

LQGLFDWRUL FH H[SULP  FDUDFWHUXO SROLWLFLL PRQHWDUH H[SDQVLRQLVW  VDX UHVWULFWLY  L

cDUDFWHUL]HD]

GLQDPLFDPDVHLPRQHWDUHFHOPDLLPSRUWDQWHVWHUDWDGREkQ]LL

LQGLFDWRUL FH H[SULP  RELHFWLYHOH SROLWLFLL PRQHWDUH DGLF  HYDOXHD]  FRQH[LXQLOH PRQHWDU

HFRQRPLFH LHYLGHQ LD]  FRHUHQ D SROLWLFLL PRQHWDUH LFRPSDWLELOLWDWHDHL FX FHDHFRQRPLF  vQ
DFHDVW FDWHJRULHVHLQFOXGDJUHJDWHOHPRQHWDUH

A. Rata dobnzii HVWH XQ LQGLFDWRU PRQHWDU FH FDUDFWHUL]HD]

 UDSRUWXO vQWUH DFWLYLW

LOH

HFRQRPLFH UHDOH L HYROX LD PDVHL PRQHWDUH ,QGLFDWRUXO UDWHL GREkQ]LL LQIOXHQ HD]  FHUHUHD GH

credite, procesXO HFRQRPLVLULL L LPSOLFLW RIHUWD GH FUHGLWH DFWLYLWDWHD GH LQYHVWLUH DWUDFWLYLWDWHD
SLH HL LQWHUQH SHQWUX FDSLWDOXULOH VWU LQH FXUVXO GH VFKLPE HWF $FHVW LQGLFDWRU HVWH GHILQLW FD

uzufructul produs de utilizarea pe durata unui an a unui capital de 10 XQLW

L PRQHWDUH 'LQ

DFHVW PRWLY UDWD GREkQ]LL HVWH LQWHUSUHWDW  vQWRWGHDXQD FD ILLQG DQXDO  ([FHS LLOH GH OD DFHDVW 
UHJXO VXQWVWDELOLWHvQPRGH[SUHVPHQ LRQkQGX VHSHULRDGDGHUHIHULQ
7HRULDILQDQFLDU DFFHSW

Ldobnda instantaneeDGLF

]LV SW PkQ OXQ DQ

FHDSUHVXSXV DVHGDWRUDSHQWUXRFkWLPH

LQILQLWHQVLQDO  GH WLPS0 ULPHD UDWHL GREkQ]LL VH FDOFXOHD]  FD UDSRUW SURFHQWXDOvQWUH GREkQG 
FDX]XIUXFWDOFDSLWDOXOXLLFDSLWDOXOIRORVLWVXPDGDW OXDW FXvPSUXPXW

Dobnda are seQVXOSUH XOXLSO

WLWSHQWUXXWLOL]DUHDFDSLWDOXOXLSHRSHULRDG GHWHUPLQDW 

SUHFXP L GH UHPXQHUDUH SHQWUX ULVFXO SH FDUH vO SUHVXSXQH XWLOL]DUHD UHVSHFWLYXOXL FDSLWDO

Nivelul dobnzii este determinat de productivitatea capitalului, de raportul ntre ceUHUHDLRIHUWD

GH FUHGLW GH VWDELOLWDWHD HFRQRPLF  L SROLWLF  GH QLYHOXO PHGLX DO YHQLWXULORU DJHQ LORU
HFRQRPLFL GH vQFOLQD LD ORU SHQWUX FRQVXP L HFRQRPLVLUH GH QHYRLOH GH GLVSRQLELOLW
OLFKLGLW

L E QHWL

LDOHVWDWXOXLLQYHVWLWRULORUSURGXF WRULORULPHQDMHORU

QVWUXFWXUDUDWHLGREkQ]LLVHUHJ VHVFGRX FRPSRQHQWH

UDWD GREkQ]LL OD SODVDPHQWHOH I U  ULVF DGLF  OD vPSUXPXWXULOH GH VWDW SH WHUPHQ

scurt;

FRWDDIHUHQW ULVFXOXLSUHVXSXVGHRSHUD LXQHDVSHFLILF GHXWLOL]DUHDFDSLWDOXOXLL

cDUH HVWH GLIHUHQ LDW

 VSD LDO JHRJUDILF  DU  UHJLXQH VSD LDO HFRQRPLF

DFWLYLWDWH UDPXU  HFRQRPLF  WLS FDWHJRULH GH GHELWRU L

(tip de
temporal (lungimea

duratei de rambursare).
3UDFWLFD SLH HL PRQHWDUH D FRQGXV OD HODERUDUH XQRU LQVWUXPHQWH GH DQDOL]  FX PDUH
YDORDUH FRJQLWLY 

- curbele de randament $FHVWHD VXQW H[SUHVLD JUDILF

 WHPSRUDO  D UHOD LHL

IXQF LRQDOHvQWUHUDQGDPHQWXOXQXLSODVDPHQWODGDWDVFDGHQ HLLSUH XOV XGHDFKL]L LH

j = f (pa j, rjt )

t = 1,2, , Tj f pa j <0
j = 1,2,, n

unde: j

= indice pentru identificarea plasamentului;

f r jt >0

(125)

= randamentul plasamentului j;

paj SUH XOGHDFKL]L LHDOSODVDPHQWXOXLM

rjt = venitul conferit de plasamentul j la momentul t;
Tj
GXUDWDSODVDPHQWXOXLMH[SULPDW vQXQLW LGHWLPS
QXP UXOGHSODVDPHQWHVXSXVHDQDOL]HL
n
3UH XO GH DFKL]L LH DO SODVDPHQWXOXL HVWH R IXQF LH GH UDSRUWXO FHUHUH  RIHUW  UHVSHFWLY

cererea de titlu j (Cj)LRIHUWDGHWLWOXMOj):

paj = g(Cj/Qj)

g >0
g < 0
g = 0

GDF &j

/Oj >1
/Oj <1
l i m (C j / O j ) = 1

(126)

GDF &j
GDF 

O j C j
C j O j
6 

SUHVXSXQHP

RUGRQDUHD

SODVDPHQWHORU

GXS 

GXUDWD

ORU

DGLF 

GXS 

OXQJLPHD

LQWHUYDOXOXL GH WLPS GLQWUH PRPHQWXO DFKL]L LHL L PRPHQWXO VFDGHQ HL 6  SUHVXSXQHP GH
DVHPHQHD F  XQ QXP U GH

n1 < n SODVDPHQWH UH]XOW

 D IL SH WHUPHQ VFXUW L UHVWXO GH

n - n1 pe

termen lung.
'DF &j

/ Oj > 1 cu j = 1,2, , n1UH]XOW

F  SUH XULOH GHDFKL]L LH

WRWRGDW PDLPDULGHFkWFHOHGHHFKLOLEUX)XQF LDGHUDQGDPHQW

paj VXQW vQFUHWHUH L

f(x)HVWHvQVF

GHUHLWRWRGDW 

FXYDORULVXEFHOHGDWHGHSUH XOGHHFKLOLEUXFHHDFHVH]LFHFXUDQGDPHQWPLF
5HSUH]HQWDUHD DFHVWHL GHSHQGHQ H vQ

tr-un plan, n care abscisa este durata plasamentului,

iar ordonata randamentul acestuia, va genera un "nor" de puncte concentrate n "zona sud-vest" a
graficului.
'DF  VLPXOWDQ &j / Qj >1 cu j = n1 + 1, n1   Q UH]XOW  F  SUH XULOH GH DFKL]L LH paj
sXQW vQ VF GHUH L WRWRGDW  PDL PLFL GHFkW FHOH GH HFKLOLEUX )XQF LD f(x) HVWH vQ VF GHUH L
WRWRGDW FXYDORULVXEFHOHGDWHGHSUH XOGHHFKLOLEUXFHHDFHVH]LFHFXUDQGDPHQWPDUH
5HSUH]HQWDUHDDFHVWHLGHSHQGHQ HvQDFHODLSODQFDPDLVXVYD

genera un "nor" de puncte

concentrate n "zona nord-est" a graficului.

,PDJLQHDJHQHUDO HVWHRFXUE RULHQWDW FUHVF WRUILJ$

Fig.1. Curbe de randament

n cazul n care rapoartele Cj/Qj DX VHQVXO GH RUGLQH ID

 GH XQLWDWH LQYHUV GHFk

t n

SUHVXSXQHULOH GHPDLVXVDWXQFL GLVSXQHUHDvQJUDILF DQRLORUGHSXQFWHHVWH LQYHUVDW ]RQDGH

nord-YHVWSHQWUXWLWOXULOH FXGXUDW

VFXUW L]RQHOHGHVXG HVWSHQWUX WLWOXULOHFX GXUDW OXQJ 

,PDJLQHDJHQHUDO HVWHRFXUE RULHQWDW GHVFUHVF W

or (fig. 1B).

n cazul n care rapoartele Cj/Qj DX YDORUL vQ MXUXO XQLW

LL DWkW SHQWUX SODVDPHQWHOH FX

GXUDW  VFXUW  FkW L SHQWUX FHOH FX GXUDW  OXQJ  UH]XOW  R FXUE  D F UHL LPDJLQH JHQHUDO  HVWH
VWD LRQDU ILJ&
$OXUD FXUEHORU GH UDQGDPHQW L WHQGLQ D HYROX LHL ORU vL RULHQWHD]  SH SODVDWRUL DVXSUD
WLSXULORU GH SODVDPHQWH  WLWOXUL vQ FDUH V

-L DQJDMH]H GLVSRQLELOLW

LOH % QFLOH OD UkQGXO ORU VH

RULHQWHD]  DVXSUDWLSXULORU GH SURGXVH EDQFDUH SH FDUH V OH RIHUHFHORU FH DX GLVSRQLELOLW

L G

ar

LDVXSUDVWUXFWXULLFUHGLWHORUSHFDUHV DFFHSWHV OHGHDLQYHVWLWRULORU'HDVHPHQHDVRFLHW

LOH

FRPHUFLDOHvQIXQF LXQHVHSRWRULHQWDDVXSUDWLSXULORUGHWLWOXULFHDUILDYDQWDMRVV OHRIHUHSULQ

emisiuni noi.
5DWDGREkQ]LLHVWHLQIOXHQ DW SXWHUQLFGHLQWHQVLWDWHDSURFHVXOXLLQIOD LRQLVWFDUH]XOWDWDO
UHDF LHLGHDS UDUHDFUHGLWRULORUID

GHULVFXOHUR]LXQLLFDSLWDOXOXLORUDGLF DSLHUGHULLSXWHULLOXL

GHFXPS UDUHvQPRPHQWXOUDPEXUV ULLID

GHPRPHQWXODFRUG ULLFUHGLWXOXL&DUH]XOWD

t, n rata
ri 3HQWUX D IDFH GLVMXQF LH vQWUH UDWD FXUHQW  D
QR LXQLOHGHUDW QRPLQDO DGREkQ]LL (dnLUDWDUHDO D

GREkQ]LL FXUHQWH HVWH LQFOXV  L UDWD LQIOD LHL 

GREkQ]LLLFHDGHIODWDW VHXWLOL]HD]

dobnzii (drvQWUHFDUHVHVWDELOHWHXUP

WRDUHDUHOD LHFDQWLWDWLY 

dr =

1 + dn
1
1 + ri

(127)

FDUHvQFD]XOXQHLLQIOD LLPLFLVHDFFHSW vQIRUPDVLPSOLILFDW 

dr = dn - ri

(128)

GHRDUHFHWHUPHQXOGHJUDGXOGRLUH]XOWDWSULQDGXFHUHDH[SUHVLHLODDFHODLQXPLWRUDUHXQRUGLQ
GHP ULPHPDLPLFGHFkWFHLODO LWHUPHQLLSRDWHILQHJOLMDW

B. Agregatele monetare VXQW LQGLFDWRUL PRQHWDUL FH VHOHFWHD]

 WLSXULOH GH PLMORDFH GH

SODW GH LQXWHGHDJHQ LLHFRQRPLFLQHILQDQFLDUL

'XS FRQ LQXWXOORUDJUHJDWHOHPRQHWDUHVHFODVLILF v

(i) PRQHGDSULPDU

n trei categorii:

HVWHPDVDPRQHWDU HPLV LFRQWURODW GHEDQFD&HQWUDO QXPHUDU

vQ UH]HUY  L VFULSWXUDO FUHGLWH DFRUGDWH DJHQ LORUHFRQRPLFLILQDQFLDUL L WH]DXUXOXL UHVFRQWDUHD

HIHFWHORU FRPHUFLDOH L SXEOLFH DFHVW DJUHJDW VH PDL QXPHWH L ED]
UH]HUY

;
(ii)

PRQHGD FD PLMORF GH SODW

 PRQHWDU

sau

PRQHG

 GH

 HVWH PDVD PRQHWDU  UHSUH]HQWkQG PLMORDFHOH GH SODW 

FUHDWH QX QXPDL GH %DQFD &HQWUDO  GDU L GH F WUH WR L FHLODO L DJHQ L HFRQRPLFL ILQDQFLDUL FDUH
SRWFUHDPRQHG DFHVWDJUHJDWVHPDLQXPHWHLPDV

(iii)

PRQHGD FD DYX LH QHW

PRQHWDU vQVHQVUHVWUkQV

 HVWH PDVD PRQHWDU  FH LQFOXGH QX GRDU PLMORDFHOH GH SODW 

FUHDWHGHWR LDJHQ LLHFRQRPLFLILQDQFLDULGDULRULFHDOWDFWLYFHQXHVWHIRORVLWvQPRGRELQXLW

ca mLMORF GH SODW

lichiditate.

 GDU FDUH DUH R DQXPLW  OLFKLGLWDWH DGLF  VH SRDWH WUDQVIRUPD UHODWLY XRU vQ

Q SUDFWLFD EDQFDU  DJUHJDWHOH PRQHWDUH VXQW X]XDO FODVLILFDWH GXS  OLFKLGLWDWHD ORU vQ

patru categorii:
(iv) agregatul M1 sau

OLFKLGLWDWHD SULPDU

 vQ FDUH VH LQFOXG QXPHUDUXO L GHSXQHULOH vQ

FRQWXULFXUHQWHQHSXUW WRDUHGHGREkQG 

(v) agregatul M2 sau

OLFKLGLWDWHD VHFXQGDU

n care se include M1, plasamentele la

WHUPHQ L SODVDPHQWHOH SHQWUX HFRQRPLVLUH OLFKLGDELOH SULQ &(&-uri cu preaviz; datoriW 
OLFKLGLW LLVDOHULGLFDWHDFHVWDJUHJDWVHPDLQXPHWHTXDVLPRQHG ;
(vi) agregatul M3vQFDUHVHLQFOXGH0FHUWLILFDWHGHGHSR]LWERQXULGHFDV FRQWXULGH
HFRQRPLL SH WHUPHQ VFXUW L PHGLX L DOWH WLWOXUL HPLVH GH DJHQ L HFRQRPLFL ILQDQFLDUL VDX nu)
SHQWUXSLD DILQDQFLDU PRQHWDU LGHFDSLWDO

(vii) agregatul L vQ FDUH VH LQFOXGH 0 L WLWOXULOH HPLVH SH WHUPHQ PHGLX L OXQJ
QHJRFLDELOHLWUDQVIRUPDELOHUHODWLYXRUvQOLFKLGLWDWH

3. Creditul
&UHGLWXO HVWH R RSHUD LXQH HFRQRPLF  SULQ FDUH GHELWRUXO RE LQH GH OD FUHGLWRU UHVXUVH
E QHWLLPHGLDWXWLOL]DELOHvQVFKLPEXOSURPLVLXQLLFDODGDWHFRQYHQLWHV IDF UDPEXUVDUHDLV 
SO WHDVF  GREkQGD &UHGLWXO DSDUH FD R UHOD LH vQWUH GRL DJHQ L HFRQRPLFL L DO F UHL RELHFW vO

constituie transferuULOH PRQHWDUH OHJDWH GH XWLOL]DUHD XQRU VXPH vPSUXPXWDWH $FHVWHL UHOD LL vL
VXQWVSHFLILFHXUP WRDUHOHWU V WXUL

1. 6XELHF LL UDSRUWXOXL GH FUHGLW, respectiv creditorul - FHO FDUH G  EDQL FX vPSUXPXW L
debitorul - cel care ia bani cu mprumut. ntr-o opHUD LXQHGHFUHGLWGDW RULFDUHDJHQWHFRQRPLF
LQFOXVLY VWDWXO VH SRDWH DIOD vQ XQD GLQ FHOH GRX  VLWXD LL PHQ LRQDWH DGLF  SRDWH IL XQXO GLQ FHL
GRL VXELHF L 'LQWUH VHFWRDUHOH LQVWLWX LRQDOH H[LVWHQWH vQ HFRQRPLH FHO DO PHQDMHORU HVWH

considerat priQ H[FHOHQ

 FUHGLWRU FHOHODOWH SXWkQGX VH DIOD WHPSRUDU vQ RULFDUH GLQWUH FHOH GRX 

LSRVWD]H6HFWRUXODGPLQLVWUD LLORUSXEOLFHHVWHGHUHJXO vQLSRVWD]DGHGHELWRU

2. Promisiunea de rambursare DGLF  DQJDMDPHQWXO GHELWRUXOXL GH D UHWXUQD VXPD

mprumutaW  OD GDWD  GDWHOH FRQYHQLWH FX FUHGLWRUXO 5DPEXUVDUHD VH SRDWH IDFH LQWHJUDO OD R
DQXPLW  GDW  VDX VH SRDWH IDFH HDORQDW OD GDWH FRQYHQLWH )LLQG R SURPLVLXQH UDPEXUVDUHD
SUHVXSXQH ULVFXUL SHQWUX FUHGLWRU ILH F  DFHVWD HVWH R EDQF  ILH F  HVWH XQ GHSXQ WRU FDUH L

-a

FRQVWLWXLW GHSR]LWH OD R EDQF  'LPLQXDUHD ULVFXOXL GH DFHVW JHQ GH QHUDPEXUVDUH L GH

imobilizare) se face prin proceduri specifice: diagnosticul financiar LVROLFLWDUHDGHJDUDQ LL.

3. Termenul de rambursare VDX VFDGHQ D HVWH GDWD OD FDUH VH FRQYLQH vQWUH VXELHF L
UHWXUQDUHD VXPHL vPSUXPXWDWH 6FDGHQ D SRDWH IL XQLF  VDX PXOWLSO  'H UHJXO  OD VFDGHQ

 VH

UHVWLWXLH vPSUXPXWXO VDX R SDUWH D OXL L VH DFKLWD GREkQGD DIHUHQW  Q XQHOH FD]XUL FUHGLWHOH VH
DFRUG FXSHULRDG

, adLF

GHJUD LH

XQQXP UGHSHULRDGHGHWLPSVWDQGDUGV SW PkQ OXQ DQ

vQ FDUH GHELWRUXO HVWH VFXWLW GH D IDFH UDPEXUV UL L FKLDU SO

L GH GREkQG  GDU DFHDVWD VH

FDOFXOHD]  L VH YDUV  XOWHULRU OD VFDGHQ HOH FRQYHQLWH (VWH SRVLELO GH DVHPHQHD FD SH R

perioad

 GH WLPS VWDQGDUG GH SLOG  XQ DQ GHELWRUXO V  SO WHDVF  WULPHVWULDO GREkQGD LDU

UDPEXUVDUHDFUHGLWXOXLVDXDXQHLS U LGLQHOV VHIDF DQXDO

7HUPHQHOHSRWILIRDUWHVFXUWHRQRDSWHR]LVFXUWHXQDVDXFkWHYDV SW PkQLVDXOXQL

medii (1-5 ani), lungi (5-10-15 ani) sau foarte lungi (20- GH DQL L FKLDU SkQ

 OD  GH DQL

7HUPHQHOH X]XDOH OD R EDQF  VXQW vQ IXQF LH GH VSHFLILFXO HL 'H SLOG  OD R EDQF  FRPHUFLDO 
WHUPHQXOVFXUWHVWHGHSkQ ODGH]LOHFHOPHGLXSkQ ODDQLFHOOXQ
ODREDQF

g peste 1 an. n schimb,

GHLQYHVWL LLWHUPHQXOVFXUWHVWHGH-3 ani, cel mediu 3-DQLLFHOOXQJ-10 ani.

6WUXFWXUDSO

LLHIHFWXDWHGHGHELWRULODVFDGHQ

- amortizareaUHVSHFWLYVXPDFHUDPEXUVHD]

LQFOXGHGRX FRPSRQHQWH
vPSUXPXWXOVDXRSDUWHDOXLDFHDVW VXP 

DSDUH vQ WHUPLQRORJLD HQJOH]  L DPHULFDQ  VXE QXPHOH GH SULQFLSDO LDU vQ WHUPLQRORJLD
WUDGL LRQDO URPkQHDVF VXEQXPHOHGHFDSHWH

- dobnda.
6XPD UDPEXUVDW  GH GHELWRU OD VFDGHQ

 VH ]LFH vQ FD]XO WHUPHQHORU DQXDOH

anuitate L

avem:
A = Am + D

(129)

unde: A = anuitate;
Am = amortizare;
D
GREkQG 
3O
LOH I FXWH vQ FRQWXO FUHGLWXOXL SRW IL amnate FUHGLWH FX SHULRDG  GH JUD LH VDX
imediate FX SODWD vQ SULPD SHULRDG  VWDQGDUG GH UDPEXUVDUe); anticipate SODWD HIHFWXDW  OD
nceputul perioadei standard de rambursare) sau posticipate SODWD HIHFWXDW  OD ILQHOH SHULRDGHL
standard de rambursare); n rate egale (amortismente egale) sau FXDQXLW LHJDOH
n cazul amortismentelor egale, cuantumuODFHVWRUDVHVWDELOHWHGXS UHOD LD

Am =

C
n

(130.1)

unde: C = creditul acordat / preluat;

Q

QXP UXOSHULRDGHORUVWDQGDUGSkQ ODVFDGHQ

iar suma de rambursat (SRt) este:

SRt = Am + Dt
D t = [C ( t 1) A m ] d

(130.2)
(130.3)

 LQGLFH SHQWUX LGHQWLILFDUHD VFDGHQ HL FX VHQVXO GH QXP UXO GH RUGLQH DO SHULRDGHL

unde: t

VWDQGDUGGHVFDGHQ

d = rata dobnzii;
Dt GREkQGDGHSODW

SHQWUXSHULRDGDVWDQGDUGW

3DUDQWH]D PDUH GLQ UHOD LD  VHPQLILF  YROXPXO    FXDQWXPXO FUHGLWXOXL FX FDUH

GHELWRUXOPDLHVWHGDWRUvQLQWHUYDOXOGLQWUHFHOHGRX VFDGHQ HVXFFHVLYHW LW

Q FD]XO FRQVWDQ HL VXPHORU GH UDPEXUVDW VH IDFH PDL vQWkL FDOFXOXO DFHVWRUD Q FD]XO
SHULRDGHLVWDQGDUGDQXOP ULPHDORUVHGHWHUPLQ GXS UHOD LD

C=

A(1 + d) t

(131.1)

t =1

6HGHWHUPLQ DSRLGREkQGDGXS UHOD LD

t 1

D t = (C Am j ) d

(131.2)

j=1

LvQILQDODPRUWL]DUHDSO WLW vQDQXOWvQFRQWXOGDWRULHL

Amt = A - Dt
unde: j
= indice FXDFHODLVHQVFDLW
Amj  DPRUWL]DUHD SO WLW  vQ SHULRDGD VWDQGDUG M DGLF

(131.3)
 vQ SHULRDGHOH DQWHULRDUH FHOHL

FXUHQWHSHQWUXFDUHXUPHD] V VHIDF SODWD

Amt

DPRUWL]DUHDGHSODW SHQWUXSHULRDGDVWDQGDUGW

3DUDQWH]DGLQUHOD LDVHPQLILF YROXPXOFXDQWXPXOFUHGLWXOXLFXFDUHGHELWRUXO

PDLHVWHGDWRUvQLQWHUYDOXOGLQWUHVFDGHQ DFXUHQW WLFHDSUHFHGHQW 

GRX

4. DobndaSHQWUXGHILQL LHLVHQVYH]LFDS,9$QSUDFWLFDEDQFDU VXQWFXQRVFXWH

PRGDOLW LGHFalcul al acesteia:
a) GREkQGD VLPSO  X]XDO  SHQWUX FUHGLWHOH SH WHUPHQ VFXUW FDUH vQ DFHVW FRQWH[W HVWH
vQ HOHVVWULFWXQDQVDXVXEXQDQ

D = Cd

n care: Z
T

Z
T

(132)

QXP UXOGHVXESHULRDGHDQXDOHFHH[SULP GXUDWDVFDGHQ HLGHUHJXO ]LOH

 QXP UXO GH GLYL]LXQL vQ FDUH VH SDUWDMHD]  DQXO  vQ SUDFWLFD EDQFDU  URPkQ 
IUDQFH] LWDOLDQ DVDXvQSUDFWLFDEDQFDU JHUPDQ HOYH LDQ D

b)

GREkQGDFRPSXV

X]XDO SHQWUXFUHGLWHOHSHVWHXQDQ

Ct = C (1+d)t
D = Ct - C = C [(1+d)t -1]
unde: Ct
t

VXPDFHWUHEXLHUDPEXUVDW ODVFDGHQ

(133.1)
(133.2)

vQVLWXD LDvQFDUHVFDGHQ DHVWHXQLF 

GXUDWDVFDGHQ HLH[SULPDW vQDQL

3HQWUX FD]XULOH GH UDPEXUV UL SUH]HQWDWH vQ SDUDJUDIXO DQWHULRU UHOD LLOH  L
GREkQGDWRWDO GDWRUDW GHGHELWRUSHWRDW GXUDWDXWLOL] ULLFUHGLWXOXLVHGHWHUPLQ GXS 
UHOD LD

D = Dt

(134)

t =1

unde DtHVWHGHWHUPLQDW

ILHFRQIRUPUHOD LHLILHFRQIRUPUHOD LHL'LQPRGXO

de
ntotdeauna n raport cu creditul n
FDOFXOHD]  GREkQGD L nu n raport cu

FDOFXO DO GREkQ]LL UH]XOW  HYLGHQW F  DFHDVWD VH GHWHUPLQ 

IRORVLQ

 OD GHELWRU vQ SHULRDGD SHQWUX FDUH VH

volumul/cuantumul creditului preluat.

Q FD]XO GREkQ]LL HVWH SUH]HQW  UDWD GREkQ]LL SH FDUH vQ SUH]HQW ULOH I FXWH PDL VXV DP

considerat-o

IL[

 (VWH R LSRWH]  IRDUWH IUHFYHQW  vQ SUDFWLFD EDQFDU  'DWRULW  IHQRPHQXOXL

LQIOD LRQLVW DFFHQWXDW vQ XOWLPLL DQL vQ PXOWH

UL D DS UXW vQV  L SUDFWLFD UDWHORU GH GREkQG 

variabile 3RWULYLW DFHVWHL SUDFWLFL FRQWUDFWXO GH FUHGLWDUH SUHYHGH RS LXQHD FUHGLWRUXOXL GH D
PRGLILFD SHULRGLF UDWD GREkQ]LL vQIXQF LH GH LQIOD LH VDX GHHYROX LD SLH HL PRQHWDUH LQWHUQH VDX
LQWHUQD LRQDOH

5. &RQVLP LUHD WUDQ]DF LHL DGLF  GHYHQLUHD HIHFWLY  D FUHGLWXOXL FHHD FH vQVHDPQ  F 
sume de bani reprezentnd creditul au intrat n posesia debitorului: creditul a fost nregistrat n
FRQWXOGHELWRUXOXLFDGLVSRQLELOLWDWHE QHDVF DDFHVWXLDHPLWHQWXOXQHLREOLJD LXQLDYkQGXW-RL
a ncasat contravDORDUHDHLGHSLD XQGHELWRUDGHSXVEDQLLvQGHSR]LWXOSHFDUHLO-a deschis la
REDQF HWF
&RQVLP LUHDWUDQ]DF LHLSRDWHILGHWLS
R VLQJXU  GDW  VDX GH WLS

unic atunci cnd, n raportul de credit, ea intervine

credit deschis atunci cnd creditorul RIHU  XQ FUHGLW GH XQ YROXP

FRQYHQLWFXGHELWRUXOLDUDFHVWDLDvQIRORVLQ

S U LDOHDFHVWXLFUHGLWODGLIHULWHLQWHUYDOHGHWLPS

vQIXQF LHGHQHYRL

6. Consemnarea HVWH DFHD WU V WXU

raport este oELHFWDOXQXLvQVFULVFDUHvODWHVW

 D UDSRUWXOXL GH FUHGLW SRWULYLW F UHLD UHVSHFWLYXO

vQFHHDFHDUHHOHVHQ LDOLGHQWLILFDUHDFUHGLWRUXOXL

LGHELWRUXOXLVXPDGDWDHPLWHULLVFDGHQ DD
(PLWHUHD vQVFULVXOXL WLWOX GH FUHGLW SRDWH IL I FXW  ILH GH GHELWRU ILH GH FUHGLWRU &HOH

mai cunoscute nscULVXUL VXQW FDPEUD ELOHWXO OD RUGLQ SROL D &(&-XO FHUWLILFDWH GH GHSR]LW L
SHQWUX FD]XO FkQG GHELWRU HVWH VWDWXO  R DGPLQLVWUD LH SXEOLF  ERQXO GH WH]DXU L REOLJD LXQHD
YH]LLFDS,,,,9

7. Transferabilitatea HVWHDFHDWU

V WXU DUDSRUWXOXLGHFUHGLWSRWULYLWF UHLDXQFUHGLWRU

WUDQVIHU YLQGHGUHSWXULOHVDOHGHFXUJkQGGLQWU

-un astfel de raport.

$FHDVW FDUDFWHULVWLF JHQHUHD] RSHUD LLEDQFDUHVSHFLILFHVFRQWXOOHJDWGHWLWOXULvQFDUH

VWDWXODGPLQLVWUD LD

SXEOLF 

QX

HVWH

GHELWRU

i lombardarea (legat de titluri n care

VWDWXODGPLQLVWUD LDSXEOLF HVWHGHELWRU

3.1. Riscurile creditului

&UHGLWXOHVWHRUHOD LHvQWUHGRLSDUWHQHULVXELHF LFDUDFWHUL]DWDDFXPDPY ]XWSULQWU

RSURPLVLXQHFDUHHVWHJHQHUDWRDUHGHULVFXULQOHJ WXU FXUDPEXUVDUHDDSDUGRX FDWHJRULLGH

riscuri:
A. Riscul de rambursare SH FDUH L-O DVXP
DFHVWHLDSHVWHVFDGHQ

 FUHGLWRUXO L FDUH FRQVW  ILH vQ vQWkU]LHUHD

ILHvQLPSRVLELOLWDWHDGHELWRUXOXLGHDUDPEXUVD

QWkU]LHUHD SHVWH VFDGHQ

 VH SHQDOL]HD]  SULQ PDMRUDUHD GREkQ]LL SH GXUDWD vQWkU]LHULL L

SULQ FRQVHPQDUHD FD LQFLGHQW Q PXOWH

UL E QFLOH FRRSHUHD]  VXE VXSUDYHJKHUHD % QFLL

&HQWUDOH SHQWUX HYLGHQ D GHWDOLDW  L SUHFLV  D LQFLGHQWHORU $VWIHO H[LVW  LQIRUPD LL GHVSUH RULFH

debitor relativ laLQFLGHQWHOHDOF

URU VXELHFWDIRVW LGHVSUHPRGXOGH VROX LRQDUHDLQFLGHQWHORU

UHVSHFWLYH (YHQWXDOLL YLLWRUL FUHGLWRUL YRW IL vQ FXQRWLQ

 GH FDX]  GHVSUH FDOLWDWHD SURPLVLXQLL

GHUDPEXUVDUHDQJDMDW GHXQGHELWRULvLSRWOXDP VXULSUHYHQWLYH

nDQXPLWHFD]XULFkQGGHELWRUXODQXQ

DQWLFLSDWSRVLELOLWDWHDvQWkU]LHULLFUHGLWRUXOSRDWH

DFFHSWDvQFRQGL LLQHJRFLDWHFXUHVSHFWLYXOGHELWRUUHHDORQDUHDUDPEXUV ULL

,PSRVLELOLWDWHD GH UDPEXUVDUH SRDWH LQWHUYHQL GLQ LQFDSDFLWDWHD GH SODW  D GHELWRU
IDOLPHQW GLQ GLVSDUL LD OXL FX UHD FUHGLQ

ului

 VDX GLQ GLVSDUL LD IL]LF  ,PSRVLELOLWDWHD GH

UDPEXUVDUHHVWHWUDWDW GHDVHPHQHDFDLQFLGHQW
&UHGLWHOH DIODWH vQ DVWIHO GH VLWXD LL VH ]LF

neperformante: cele ntrziate - restante, iar

celelalte - nerecuperabile.
(YLGHQ DLQFLGHQWHORUODREDQF VDXSHDQVDPEOXOVLVWHPXOXLEDQFDUFUHHD] SRVLELOLWDWHD
FDOFXO ULL ULVFXOXL GH QHUDPEXUVDUH $FHVW ULVF VH SRDWH FDOFXOD SH XQ GHELWRU RDUHFDUH GDU GH
UHJXO  VH FDOFXOHD]  SH PXO LPL GH FD]XUL GH DFHLDL VSH

 'H SLOG  SHQWUX XQ DQXPLW WLS GH

FUHGLW SHQWUX GHELWRUL GHVI XUkQG XQ DQXPLW IHO GH DFWLYLWDWH SHQWUX RSHUD LXQL GH FUHGLWDUH

circumscrise unei anumite zone geografice etc. ntr-R SULP  DSUR[LPDUH ULVFXO SRDWH IL
determinat ca probabilitate de pURGXFHUHDLQFLGHQWXOXLvQPXO LPHDFD]XULORUGHFUHGLWDUHWRWDO 
VDXGHRDQXPLW VSH

rn =

n
N

(135)

unde: rn = riscul de nerambursare;

n
QXP UXOFD]XULORUGHLQFLGHQWH
 QXP UXOWRWDODORSHUD LXQLORUGHFUHGLWDUHSHDQVDPEOXVDXSHRDQXPLW VSH GH
N
credite).
ntr-RDQDOL] PDLHODERUDW ULVFXOVHSRDWHGHWHUPLQDFDGLVSHUVLHDUH]XOWDWXOXLFUHGLW ULL
(profit sau pierdere).
5H]XOWDWXOFUHGLW ULLVHGHWHUPLQ vQIRUP DEVROXW FDGLIHUHQ

vQWUHvQFDV ULOHE QFLLSH

VHDPD UHVSHFWLYXOXL FUHGLW L FKHOWXLHOLOH I FXWH GH EDQF  SHQWUX GHUXODUHD FUHGLWXOXL L
UHFXSHUDUHD DFHVWXLD ([SUHVLD SURFHQWXDO  D UH]XOWDWXOXL VH RE LQH SULQ UDSRUWDUHD DFHVWXLD OD

cuantumul creditului.
n cazul creditelor neperformantH

FKHOWXLHOLOH LQFOXG SH OkQJ  FHOH QRUPDOH SULYLQG

IXQF LRQDUHD E QFLL L FKHOWXLHOL OHJDWH GH XUP ULUHD GHELWRUXOXL FKHOWXLHOL GH MXGHFDW 
FKHOWXLHOLOH SHQWUX YDORULILFDUHD JDMXULORU VXPH UHFXSHUDWH GLQ FUHGLWXO vQVXL GREkQ]LOH

nencasate, decapitalL]DUHDVXPHORUFUHGLWDWHvQLQWHUYDOXOGLQWUHDFRUGDUHVFDGHQ

LPRPHQWXO

HYHQWXDOHLORUUHFXSHU ULDQDFHVWHFD]XULGHPXOWHRULUH]XOWDWXOFUHGLW ULLHVWHQHJDWLY

5H]XOWDWXO FUHGLW ULL VH FRQVLGHU  D IL GHWHUPLQDW GH VWDUHD HFRQRPLHL D UDPXU

ii

HFRQRPLFHD]RQHLJHRJUDILFHXQGHVHGHUXOHD] DFWLYLWDWHDGHELWRUXOXL3H ED]DXQRULQIRUPD LL

VWDWLVWLFHSULYLQGYDULD LDDFHVWHLVW ULvQWUHFXWLDXQRUSUHGLF LLSULYLQGHYROX LDXQRULQGLFDWRUL

economici / sociali / politici specifici se pot detHUPLQD SUREDELOLW

L GH SURGXFHUH D GLIHULWHORU

VW UL HFRQRPLFH Q FRQGL LLOH XQHL VW UL GDWH HVWH SRVLELO XQ DQXPH UH]XOWDW DO FUHGLW ULL LDU
DFHVWXLDLVHDIHFWHD] FDSUREDELOLWDWHDFHHDFDUDFWHULVWLF UHVSHFWLYHLVW UL
5LVFXOVHFDOFXOHD] SHED]DUHOD LHL

rn =

(rj r )2 p j

(136.1)

j=1

unde: j
J
rj

LQGLFHSHQWUXLGHQWLILFDUHDVW ULLHFRQRPLHL
QXP UXOGHVW ULDOHHFRQRPLHLOXDWHvQFRQVLGHUDUH
UH]XOWDWXOFUHGLW ULLvQFRQGL LLOHSURGXFHULLVW ULLMDHFRQRPLHL
 UH]XOWDWXO PHGLX DO XQHL RSHUD LXQL GH FUHGLWDUH SH DQVDPEOXO DFHVWRUD VDX SH
PXO LPHDFHORUGHRDQXPLW VSH

pj

SUREDELOLWDWHDSURGXFHULLVW ULLMDHFRQRPLHL

rj =

unde: Vj = veQLWXORE LQXWGHEDQF

VSH

Vj Ch j
C

(136.2)

vQXUPDDFRUG ULLXQXLFUHGLWvQJHQHUDOVDXGHRDQXPLW 

vQFD]XOSURGXFHULLvQHFRQRPLHDVW ULLM

Chj
C

FKHOWXLHOLOHRFD]LRQDWHE QFLLGHGHUXODUHDLUHFXSHUDUHDXQXLFUHGLWvQJHQHUDOVDX

GHRDQXPLW VSH

vQFD]XOSURGXFHULLvQHFRQRPLHDVW ULLM

= cuantumul creditului acordat.

r = rj p j

(136.3)

j=1

B. Riscul de imobilizare SH FDUH L-O DVXP

 GHSRQHQWXO XQHL E QFL L FDUH FRQVW  vQ

LPSRVLELOLWDWHDE QFLLGHDUDPEXUVDDFHVWXLDODFHUHUHSDU LDOVDXLQWHJUDOVXPDGHSXV 

&DX]HOH DFHVWXL ULVF VH UHJ VHVF vQ SULQFLSLX vQ FRQMXQFWXUD HFRQRPLF  QHIDYRUDELO  FH
SRDWH FRQGXFH OD GLILFXOW

L ILQDQFLDUH SHQWUX DJHQ LL HFRQRPLFH UHIOX[XO SURFHVXOXL GH

economisire, lipsa mijloacelor GHSODW

ODGHELWRULDQDIDU GHDFHDVWDvQFKLDUFRQGL LLOHXQHL

FRQMXQFWXUL HFRQRPLFH IDYRUDELOH ULVFXO VH SRDWH SURGXFH GDWRULW  XQRU FDX]H FH

LQ GH

PDQDJHPHQWXOILQDQFLDUQHFRUHVSXQ] WRUILHODQLYHOXOE QFLLILHODQLYHOXOGHELWRULORUDFHVWHL

a.

/D QLYHOXO E QFLL PDQDJHPHQWXO ILQDQFLDU QHFRUHVSXQ] WRU vQVHDPQ  SULQWUH DOWHOH
DFFHSWDUHD

XQRU

RSHUD LXQL

ULVFDQWH

GH

FUHGLWDUH

FDUH

JHQHUHD] 

FUHGLWH

QHSHUIRUPDQWH

LQVXILFLHQWD FXQRDWHUH D VLWXD LHL ILQDQFLDUH D GHELWRUXOXL GLDJQRVWLFXO ILQDQ

ciar defectuos al

GHELWRUXOXL DSUHFLHUHD LQFRUHFW  D UDSRUWXULORU GH VFDGHQ H vQWUH RSHUD LXQLOH DFWLYH DFRUG UL GH
FUHGLWHLFHOHSDVLYHPRELOL]DUHDGHUHVXUVHD
/D QLYHOXO GHELWRULORU PDQDJHPHQWXO ILQDQFLDU QHFRUHVSXQ] WRU vQVHDPQ  SULQWUH DO
XWLOL]DUHD QHHILFLHQW  D FUHGLWHORU GHUXODUHD DFWLYLW
XWLOL]DUHDFUHGLWHORUvQDFWLYLW

LL SURSULL vQ FRQGL LL GH HILFLHQ

tele,

 VF ]XW 

LQHDGXF WRDUHGHSURILWVDXvQMRFXULGHEXUV D

Q DIDU  GH ULVFXULOH GH UDPEXUVDUH vQ DFWLYLWDWHD E QFLORU DSDU LDOWH ULVFXUL JHQHUDWH GH
vPSUHMXU ULGLIHULWH

a)

ULVFXO LQVROYDELOLW

LL

sau al pierderii de capital, care apare din cauza creditelor

QHSHUIRUPDQWH vQ SULPXO UkQG D FHORU QHUHFXSHUDELOH L D FUHWHULL UDWHL GREkQ]LL $FHDVWD GLQ
XUP  P UHWH HIRUWXO GH UDPEXUVDUH DO GHELWRULORU L UHVWUkQJH VIHUD XWLOL] ULORU HILFLHQWH DOH
FUHGLWXOXL (VHQ LDO SHQWUX XWLOL]DUHD HILFLHQW  D FUHGLWXOXL HVWH FD GHELWRUXO V  vQWUHSULQG 
DFWLYLW

L D F URU SURILWDELOLWDWH V  ILH SR]LWLY  UH]XOWDWXO DFWLYLW

acopere costul resurselor cu care s-DILQDQ DWDFWLYLWDWHD'DF

LL GLPLQXDW FX LPSR]LWHOH V 

UDWDILVFDOLW

LLLUDWDGREkQ]LLVXQW

ULGLFDWH DWXQFL VIHUD XWLOL] ULL HILFLHQWH D FUHGLWXOXL VH UHVWUkQJH LDU ULVFXO GH LQVROYDELOLWDWH
FUHWH

ri = f(t,d)

f t > 0
f d > 0

(137.1)

unde: ri = riscul de insolvabilitate;

t UDWDILVFDOLW LL
d = rata dobnzii.
0XO LDXWRUL vQVSHFLDOIUDQFH]LL DPHULFDQL vQWUHFDUH0RGLJOLDQLODXUHDW1REHO SHQWUX
HFRQRPLH DUDW  F  ULVFXO LQVROYDELOLW

LL GHSLQGH GLUHFW GH PDVD FUHGLWHORU DFRUGDWH GH R EDQF 

)XQF LDVHSRDWHUHVFULHvQWU RIRUP FRPSOHWDW

ri = f(C,t,d)

f'c > 0

XQGH & HVWH PDVD WRWDO  D FUHGLWHORU DFRUGDWH GHSHQGHQ D ULVFXOXL ID

mai sus, iar f(HVWHHYLGHQWRDOW

(137.2)
 GH W L G VH S VWUHD]  FD

IXQF LHGHFkWFHDSUHFHGHQW 

3UHYHQLUHD LGLPLQXDUHDDFHVWXLULVFVHIDFHSHED]DXQRUQRUPHSUXGHQ LDOHGLQWUHFDUH

XQHOHLPSXVHvQPRGH[SUHVGH%DQFD&HQWUDO 'LQWUHDFHVWHQRUPHFHOHPDLX]XDOHVXQW

REOLJD LDXQXLFDSLWDOPLQLPSURSULXDOE
norma lui Cooke

QFLL

nC =

KP
n

8%

(138)

C j rj
j=1

unde: nC = coeficientul lui Cooke;

KP FDSLWDOXOSURSULXDOE QFLL
j = indice pentru identificarea tipului de credit acordat ;
n
QXP UXOGH tipuri de credite acordate;
rj = riscul specific tipului j de credit.

FRWD PD[LP  SH FDUH FUHGLWHOH DFRUGDWH XQXL DQXPLW FOLHQW L HIHFWLYH OD XQ PRPHQW GDW R

SRDWHDYHDvQFDSLWDOXOSURSULXDOE QFLLFRW FDUHGHUHJXO HVWHGH

FRWDPD[LP SHFDUHFUHGLWHOHDFRUGDWHGHELWRULORUGHVI XUkQGXQDQXPLWJHQGHDFWLYLWDWHL

efective la un moment dat o poate avea n totalul creditelor n derulare la acel moment (de
UHJXO VDXvQFDSLWDOXOSURSULXDOE QFLL
8OWLPHOH

GRX 

QRUPH

DX

vQ

YHGHUH

iminuarea riscului de insolvabilitate prin

GLYHUVLILFDUHDSRUWRIROLXOXLGHDFWLYHDOE QFLL

b) riscul lipsei de lichiditate DSDUH vQ VLWXD LD vQ FDUH EDQFD QX GLVSXQH GH UHVXUVH GLQ
FDUH V  DFRSHUH SO

LOH VFDGHQWH OD XQ PRPHQW GDW SO

L RUGRQDWH GH FOLHQ LL HL D IL I FXWH GLQ

FRQWXULOHSHFDUHDFHWLDOHDXGHVFKLVHODFKLDUEDQFDvQFDX] FKHOWXLHOLOHSURSULLGHIXQF LRQDUH

DE QFLLFHUHULOHGHvQFKHLHUHGHFRQWXULVDXOLFKLG ULGHGHSR]LWH
6LVWHPXOEDQFDULvQSULPXOUkQG%DQFD&HQWUDO SUHFXPLSLD DPRQHWDU vQVLQHRIHU 
R YDULHWDWH GH SRVLELOLW

L SHQWUX GHS LUHD XQHL DVWIHO GH GLILFXOW

L VFRQWDUHD VDX UHVFRQWDUHD

SRUWRIROLXOXL GH HIHFWH FRPHUFLDOH DQJDMDUHD XQRU FUHGLWH FRQMXQFWXUDOH GH VFXUW  GXUDW  SH
SLD D LQWHUEDQFDU  ORPEDUGDUHD WLWOXULORU GH VWDW UHILQDQ DUHD GH VFXUW  GXUDW  GH OD %DQFD
&HQWUDO 'HDFHHDULVFXOGHOLFKLGLWDWHHVWHvQPRGRELQXLWQXXQULVFGHLQWUDUHvQLQFDSDFLWDWHD
GH SODW  FL XQ ULVF DO FRVWXULORU VXSOLPHQWDUH SUHVXSXVH GH SURFXUDUHD PLMORDFHORU GH SODW 

insuficiente la un moment dat.

&RVWXO GLVSRQLELOLW
FXUHQWHID

LORU UH]XOWDWH vQ PRG ILUHVF GLQ VROGXO SR]LWLY GHSXQHUL  vQFDV UL

GHUHWUDJHULSO

LFXUHQWHHVWHvQJHQHUDOPLFILLQGF UDWDGREkQ]LLODGHSXQHULHVWH

PDLPLF GHFkWUDWDGREkQ]LL
&RVWXO GLVSRQLELOLW

la creditele bancare.
LORU SURFXUDWH DG-hoc, ntr-R VLWXD LH GH OLSV

 GH OLFKLGLWDWH HVWH PDL

PDUH L UH]XOW  FD ILLQG VXSOLPHQWDU FRVWXULORU FXUHQWH RUGLQDUH $FHVW FRVW GLPLQXHD]  SURILWXO
E QFLL VDX vO SRDWH IDFH QHJDWLY FX UHSH

rcusiuni defavorabile provenite din comportamentul de

UHVSLQJHUHDS UXWODDF LRQDULLE QFLL

Diminuarea riscului de lichiditate se face prin politica de atrageri de depuneri (dobnzi

prin alegerea plasamentelor
FRUHFWHLPDLDOHVSULQWU-REXQ FRUHODUHDGXUDWHLGHSR]LWHORUFXFHDDFUHGLWHORUDFRUGDWH
c) ULVFXO GH GREkQG  DSDUH vQ VLWXD LD vQ FDUH HYROX LD UDWHL GREkQ]LL VH SURGXFH vQWU-un
VHQVQHIDYRUDELOE QFLL$VWIHOvQFD]ul n care banca a acceptat depozite remunerate cu d1%, iar
vQ WLPS SH SLD D PRQHWDU  DFHDVW  UDW  V-a diminuat la d2 GLIHUHQ D GLQWUH FHO GRX  UDWH GH
DWUDFWLYHSURGXVHEDQFDUHQRLSULQ SROLWLFDMXGLFLRDV  GHFUHGLWDUH

GREkQG UHSUH]LQW SHQWUXEDQF XQFRVWVXSOLPHQWDUDOGLVSRQLELOLW

LORUVDOHQPRGVLPLODUvQ

cazXO F  UDWD GREkQ]LL OD GHSR]LWH HVWH G1 L U PkQH QHPRGLILFDW  LDU UDWD GREkQ]LL OD FUHGLWH
era de d2% > d1%, dar s-a diminuat n timp la d3 GLIHUHQ D G2 d3% se constituie n costuri
VXSOLPHQWDUHVDXFKLDUvQSLHUGHULGDF G2% < d3%. Acest risc apare, n principiu, tot ca un risc de
costuri suplimentare.
'LPLQXDUHDDFHVWXLULVFVHIDFHSULQP VXULSUHYHQWLYHLQFOX]kQGvQGREkQGDODFUHGLWHR
FRW UHIOHFWkQGDFHVWULVFVDXDFFHSWkQGVFDGHQ HODFUHGLWHGDULODGHSR]LWHvQOLPLWDRUL]RQWXOXL

de preGLF LHFDUHLQGLF

RHYHQWXDO PRGLILFDUHQHIDYRUDELO DUDWHLGHGREkQG FXFHD PDLPLF 

SUREDELOLWDWH'HDVHPHQHDVHSRDWHIDFHSULQFODX]DYDULDELOLW

LLUDWHLGREkQ]LL

d) riscul eroziunii capitalului DSDUH vQ VLWXD LD vQ FDUH LQIOD LD DIHFWHD]
-

 UDW

a dobnzii

I FkQG R UHDO QHJDWLY  YH]L UHOD LD  $FHVW OXFUX VH SURGXFH GH UHJXO  DWXQFL FkQG
HYROX LD HIHFWLY  D SURFHVXOXL LQIOD LRQLVW GHS HWH SUHGLF LLOH FHOH PDL SHVLPLVWH SH FDUH EDQFD

le-a avut n vedere la momentul stabilirii ratei dobnzii.

e) riscul valutar HVWH OHJDW GH HYROX LD FXUVXULORU GH VFKLPE DOH GLYHUVHORU PRQHGH
QD LRQDOHvQSULPXOUkQGDFHORU FXFDUHR EDQF OXFUHD] vQ PRGFXUHQW$FHVWULVFHVWH JHQHUDW
GH VWDUHD HFRQRPLLORU QD LRQDO VWU LQH FDUH GHWHUPLQ  vQ PRG HVHQ L
FX PRQHG 

al paritatea momentelor lor

ULL 5LVFXO GHYLQH HIHFWLY DWXQFL FkQG R EDQF  GH LQH GHSR]LWH DUH UH]HUYH VDX D

I FXW SODVDPHQWH vQWU R YDOXW  VWU LQ  GH SLOG  (852 LDU DFHDVWD VH GHSUHFLD]  vQ UDSRUW FX R

DOWDGHSLOG GRODUXODPHULFDQVDX\HQXOMDSRQH]'LVSRQLELOLW

LOHYDOXWDUHDOHE QFLLvQFDX] DX

vQDFHVWIHORSXWHUHGHFXPS UDUHPDLPLF vQGRODULVDX\HQLGHFkWDYHDvQPRPHQWXOFRQVWLWXLULL

GHSR]LWHORULUH]HUYHORUVDXDOHIHFWX ULLSODVDPHQWHORU

Diminuarea acestui risc se face prLQGLYHUVLILFDUHDYDOXWHORUFXFDUHOXFUHD]

REDQF SULQ

DFXUDWH HD HIHFWX ULL SUHGLF LLORU SULYLQG SLD D YDOXWDU  SULQ SURPRYDUHD RSHUD LXQLORU GH VHQV
LQYHUVSULQFRQVXOWDUHDDJHQ LLORUGHUDWLQJHYDOXDUHDULVFXULORUGH DU VDXGHEDQF 

f) risFXO GH

DU

 HVWH OHJDW GH SHUIRUPDQ HOH HFRQRPLFH DOH XQHL

UL GH HYROX LD

FRQMXQFWXULLHFRQRPLFHLSROLWLFHGLQWU R DU GHVWDELOLWDWHDFRQWH[WXOXLPHGLXOXLHFRQRPLFL

politic al acesteia.
'LPLQXDUHD DFHVWXL ULVF VH IDFH SULQ LQIRUPDUHD FRQWLQX  FRUHFW  L RELHFWLY  DVXSUD
HYROX LHLFDGUXOXLMXULGLFR OHJLVODWLYDO

ULLvQFDX] LFRQVXOWDUHDDJHQ LLORUGHUDWLQJ

3.2. Garantarea creditului

([LVWHQ D ULVFXOXL vQ RSHUD LXQLOH GH FUHGLW D FRQGXV vQ PRG UD LRQDO OD SUHRFXSDUHD

creditorului pentru diPLQXDUHD DFHVWXLD L SHQWUX DFRSHULUHD OXL vQ FD]XO vQ FDUH V-a produs.
*DUDQWDUHD FUHGLWXOXL HVWH OHJDW  GH DPEHOH SUREOHPH PHQ LRQDWH GDU HVWH GLUHF LRQDW  vQ ILQDO
SHQWUX DFRSHULUH DGLF  SHQWUX FUHDUHD XQHL SRVLELOLW
P FDUSDU LDOvQFD]XOvQFDUHULVFXOV

L FHUWH GH UHFXSHUDUH D SLHUGHULL

(total sau

-a produs.

3UDFWLFD EDQFDU  D LQVWLWXLW PDL PXOWH IRUPH GH JDUDQWDUH D XQXL FUHGLW GLQWUH FDUH XQHOH
YLUWXDOH JDUDQ LD SHUVRQDO  JDUDQ LD XQXL WHU  JDUDQ LD VWDWXOXL L DOWHOH UHDOH UH LQHUH JDM

iSRWHF

SULYLOHJLX
*DUDQ LDSHUVRQDO

VHvQWHPHLD] SHFDOLWDWHDGHSDUWHQHUFRUHFWDGHELWRUXOXLFXQRVFXW 

vQ WLPS GH F WUH FUHGLWRU L SUHVXSXV  SH ED]D UH]XOWDWXOXL XQHL DQDOL]H ILQDQFLDUH SULYLQG
FDSDFLWDWHDGHSODW GHGHELWRUXOXLLIH]DELOLWDWHDDFWLYLW

LLDF UHLFUHGLWDUHRVROLFLW 

*DUDQ LD XQXL WHU  VH vQWHPHLD]  SH DQJDMDPHQWXO VFULV DVXPDW GH F WUH WHU  F  YD SO WL
GDWRULDvQFD]F GHELWRUXOHVWHvQLPSRVLELOLWDWHGHDRIDFH7HU XOQXPLW

garant, se poate angaja

strictamente pentru datoULD

SH FDUH R JDUDQWHD]  L QXPDL GXS  R HYHQWXDO  H[HFXWDUH

SDWULPRQLDO DGHELWRUXOXLJDUDQ LDVLPSO

VDXI U FRQGL LLOHPHQ LRQDWHJDUDQ LDVROLGDU

*DUDQ LD VWDWXOXL DSDUH GH UHJXO  vQ FD]XO vQ FDUH FUHGLWRUXO DUH DSDUWHQHQ

iar deELWRUXOODVWDWXOJDUDQW*DUDQ LDVWDWXOXLSRDWHILLQGLYLGXDOL]DW

).

 OD DOW  DU 

SHQWUXXQDQXPLWGHELWRU

VDX QX SHQWUX XQ DQXPLW JHQ GH DFWLYLWDWH HFRQRPLF  R DQXPLW  ]RQ  JHRJUDILF  R DQXPLW 
FDWHJRULHGHGHELWRUL*DUDQ LDVWDWXOXLVHLQVWLWXLHGHUHJXO SULQ

lege.

5H LQHUHDSUHVXSXQHF XQ FUHGLWRUSRDWHUH LQHXQEXQFRUSRUDO SURSULHWDWHDGHELWRUXOXL

SkQ FkQGDFHVWDvLVWLQJHFRPSOHWGDWRULD5H LQHUHDVHSRDWHIDFHQXPDLFRQGL LRQDW

-EXQXOUHVSHFWLYV DLE OHJ WXU FXGDWRULD

-GDWRULDV ILHFHUW LH[LJLELO 
GajulSUHVXSXQHF GHELWRUXOvLJDUDQWHD] GDWRULDFXXQEXQDOV XSHFDUHvOUHPLWHVDX
QXvQPRGHIHFWLYFUHGLWRUXOXL3ULPDVROX LHHVWH gaj cu deposedare (n care caz creditorul poate
solicita un titlu de gajare), iar a doua JDM I U  GHposedare $WkW FUHGLWRUXO FkW L GHELWRUXO DX
GUHSWXULLREOLJD LLvQUDSRUWFXJDMXO
&UHGLWRUXO WUHEXLH V  FRQVHUYH JDMXO vQ VWDUHD vQ FDUH O-D SULPLW L QX-O SRDWH vQVWU LQD vQ
nici - XQ IHO QLFL JDMD VDX LSRWHFD SH SHULRDGD SkQ  OD VFDGHQ D FUHGLWului generator. n schimb,
are GUHSWGHSUHIHULQ GHDILSO WLWvQDLQWHDDOWRUFUHGLWRULvQFD]XOFkQGGHELWRUXOHVWHH[HFXWDW
patrimonial prin vinderea gajului), GUHSW GH XUP ULUH GDF  SURSULHWDUXO EXQXOXL JDMDW VH
VFKLPE GUHSWGHUH LQHUHLGUHSW de vnzareV VROLFLWHYkQ]DUHDvQMXVWL LHDEXQXOXLvQFD]XO
LPSRVLELOLW LLGHELWRUXOXLGHD-LVWLQJHGDWRULD

Debitorul are dreptul de a-L SUHWLQGH JDMXO vQ FD]XO VWLQJHULL GDWRULHL vQ FRQGL LLOH
FRQYHQLWHODJDMDUHLDUHREOLJD LDGHDQXVFKLPEDFXUHDFUHGLQ

Ipoteca HVWH DFWXO SULQ FDUH GHELWRUXO DFRUG

VLWXD LDMXULGLF DJDMXOXL

 FUHGLWRUXOXL GUHSWXO DVXSUD XQXL EXQ LPRELO

WHUHQ FRQVWUXF LH I U  GHSRVHGDUH L FX SXEOLFLWDWH ,SRWHFD VH SRDWH LQVWLWXL SULQ OHJH LSRWHF
OHJDO

), prin cRQVLP LUHLSRWHF

LSULQMXVWL LHLSRWHF

FRQYHQLW

MXGLFLDU

&UHGLWRUXOvLS VWUHD] vQDFHVWFD]GRDUGUHSWXOGHSUHIHULQ

nu are nici -RREOLJD LHOHJDW

).

LGUHSWXOGHXUP ULUHGDU

GHEXQXOLSRWHFDW

'HELWRUXO vL S VWUHD]  REOLJD LD GH EXQ  FUHGLQ

 L DUH GUHSWXO GH D IL vQ GHSOLQ  L

DEVROXW SRVHVLHDEXQXOXLV XLSRWHFDWRGDW FXVWLQJHUHDREOLJD LHLJHQHUDWRDUH

Privilegiul este dreptul legal conferit unor creditori de a avea prioritate n recuperarea
creditului acordat, n cazul n care debitorul este executat patrimonial. Legea instituie privilegii
JHQHUDOHVDXVSHFLDOHSUHFXPLWRWDOHPRELOLDUHVDXLPRELOLDUH

ntr-XQ FRQWH[W PDL ODUJ UHIHULWRU OD JDUDQWDUHD QX QXPDL D FUHGLWHORU FL OD OLFKLGLWDWHD L
solvabilitatea unei instLWX LLEDQFDUHVXQWSUDFWLFDWHIRQGXOGHUH]HUY LDVLJXUDUHD
)RQGXO  IRQGXULOH GH UH]HUY

 VH FRQVWLWXLH GLQ SURILWXO E QFLL L VXQW FRQVHPQDWH vQ

FRQWXUL VSHFLDOH FX SRVLELOLWDWHD GH XWLOL]DUHD vQ FRQGL LL SUHDODELO VWDELOLWH LQkQG GH FDSDFLWDWHD

dHSODW

DE QFLLODXQPRPHQWGDWQPRGVLPLODUIXQF LRQHD] FDRP VXU SUHYHQWLY GDULGH

SROLWLF  PRQHWDU 

rezerva obligatorie LQVWLWXLW

 GH %DQFD &HQWUDO  $FHDVW  P VXU  VH UHIHU  OD

REOLJD LD XQHL E QFL GH D QX DFRUGD FUHGLWH SH P VXUD GLVSRQLELOLW

LORU H[LVWHQWH OD XQ PRPHQW

dat, ci numai n limita unei cote subunitare

CA = D cc
cc = 1 - cro
unde: CA FUHGLWXODFRUGDWSHED]DGLVSRQLELOLW
D
GLVSRQLELOLW LH[LVWHnte;
cc = cota de creditare;
cro FRWDGHUH]HUY REOLJDWRULH

(139.1)
(139.2)
LORUH[LVWHQWH

Q DUD QRDVWU  FRWD GH UH]HUY  REOLJDWRULH D FUHVFXW GH OD FFD  vQDLQWH GH  LDQXDULH
ODvQFHSkQGFXDFHDVW GDW 3HQWUXDOWH
GLQ68$L vQ

ULFRWDGHUH]HUY REOLJD

torie este cca. 14%

ULOH8QLXQLL(XURSHQH

9DULD LD FRWHL DUH XQ HIHFW GH SkUJKLH PRQHWDU  GHRDUHFH GHWHUPLQ  YDULD LD PDVHL
PRQHWDUH VFULSWXUDOH SH FDUH R EDQF  R SDUWH HPLWH

disponibilit

LQkQG VHDPD GH PHFDQLVPXO FRQVWLWXLULL

LORU GH FUHGLWDUH L GH IOX[XULOH PRQHWDUH JHQHUDWRDUH GH GLVSRQLELOLW

L vQ FRQWH[WXO

VLVWHPXOXLEDQFDUDOHFRQRPLHLQD LRQDOHVHSRDWHGHWHUPLQDFRHILFLHQWXOGHPXOWLSOLFDUHDPDVHL

monetare:
k=

AsigurareaHVWHRDOW

1
cro

(140)

PRGDOLWDWHDGH JDUDQWDUHvQVHQVXO ODUJ PHQ LRQDWPDLVXVLFDUH

FRQVW  vQ SUHOXDUHD ULVFXOXL XQHL RSHUD LXQL PDMRUH GH FUHGLWDUH vQ FRQGL LLOH FRQVWLWXLULL XQXL
VLQGLFDWVDXFRQVRU LXEDQFDUDGLF GHSUHOXDUHVROLGDU DFUHGLW ULLGHF WUHPDLPXOWHE

nci.

$VLJXUDUHD HVWH SUDFWLFDW  L vQWU XQ FRQWH[W PDL UHVWUkQV DFHO DO JDUDQ LLORU UHDOH FX

H[FHS LD SULYLOHJLXOXL vQ OHJ WXU  FX FDUH FUHGLWRUXO SRDWH VROLFLWD GHELWRUXOXL V X H[LVWHQ D XQHL
DVLJXU UL GH EXQXUL FRQWUDFWDW  OD R VRFLHWDWH GH DVLJXU UL $FHDVWD SUHVXSXQH F  vQ FD]XO
GLVWUXJHULL EXQXOXL GLQ PRWLYH LQGHSHQGHQWH GH FUHGLWRU L GH GHELWRU VRFLHWDWHD GH DVLJXU UL
GHVS JXEHWH SH GHELWRU LDU FUHGLWRUXO OD UkQGXO V X vL SRDWH UHGREkQGL FRQWUDYDORDUHD
FUHGLWXOXLvQFD]XOF GHELWRUXOHVWHvQLPSRVLELOLWDWHGHSODW 

3.3. Sfere de creditare

/DUJD GLYHUVLILFDUH D VLWXD LLORU GH FUHGLWDUH D LPSXV GLQ QHFHVLW

L SUDFWLFH FODVLILFDUHD

FUHGLWHORU FULWHULLOH XWLOL]DWH ILLQG OD UkQGXO ORU UHODWLY QXPHURVH SHUVRDQD FUHGLWRUXOXL L

respectiv, a debitorului, obiectul creditului, sursa de creditare, modalitatea de constituire a

GLVSRQLELOLW

LORU GXUDWD FUHGLW ULL D 2 FODVLILFDUH GH ODUJ  DFRSHULUH HVWH FHD GXS  VIHUD

FUHGLW ULL vQLQWHULRUXOF UHLD SH FRPSRQHQWHOH GHILQLWH VH XWLOL]HD]  SH YHUWLFDO DOWH FULWHULL GH
FODVLILFDUHvQUDSRUWFXQHYRLOHGHHYLGHQ

VWDWLVWLF LDQDOL] 

'XS  VIHUD GHFUHGLWDUH VH LGHQWLILF FLQFLFDWHJRULL GHFUHGLW QXPLWH OD UkQGXO ORUVIHUD

de creditare): credit comercial, credit bancar, credit obligatar, creGLW LSRWHFDU L FUHGLW GH
consum.
A. Creditul comercial HVWH FHO DFRUGDW vQWUH VRFLHW LOH FRPHUFLDOH QHILQDQFLDUH $FHVWD
este consemnat n nscrisuri speciale numite efecte comerciale FDPELD SROL D D VDX vQ
contractul de vnzare - FXPS UDUH LQWHUYHQLW vQWUH S U L &UHGLWXO FRPHUFLDO DUH FDUDFWHULVWLFD GH
WUDQVIHUDELOLWDWHYH]LWU V WXULOHUDSRUWXOXLGHFUHGLWSUH]HQWDWHvQGHEXWXOFDS,9
QWUH GRX  DVWIHO GH VRFLHW

L FDUH LQWU  vQ UHOD LL GH VFKLPE GH P UIXUL YkQ]DUH

FXPS UDUH XQD VH SRDWH J VL vQ SRVWXUD GH FUHGLWRU LDU FHDODOW  GH GHELWRU vQ FD]XO vQ FDUH VH
FRQYLQHFDPRPHQWXOSO

LLV ILHGLVWLQFWGHFHODOOLYU ULLP UILL

&UHGLWRUSRDWHILIXUQL]RUXOvQFD]XOvQFDUHOLYUHD] PDUID LDFFHSW SODWD XOWHULRDU DHL

VDX FXPS U WRUXO vQ FD]XO vQ FDUH DFFHSW  SODWD vQ DYDQV D P UILL 'HELWRU HVWH vQ ILHFDUH FD] vQ
SDUWH SDUWHQHUXO FUHGLWRUXOXL GLQ FDGUXO UHVSHFWLYXOXL UDSRUW GH VFKLPE FXPS U WRUXO FDUH
SO WHWHXOWHULRUOLYU ULLUHVSHFWLYIXUQL]RUXOFDUHOLYUHD] XOWHULRUSO

LL

3HQWUXFUHGLWRUPDUIDOLYUDW UHVSHFWLYSODWDI FXW vQDYDQVHVWHRFUHDQ

DGLF RVXP 

GH EDQL FDUH vL HVWH GDWRUDW  L FDUH SHQWUX HO UHSUH]LQW  R LPRELOL]DUH GH PLMORDFH DGLF  R
XWLOL]DUHDDVXUVHORUVDOHGHILQDQ DUH
3HQWUX GHELWRU PDUID SULPLW  UHVSHFWLY VXPD vQFDVDW  vQ DYDQV HVWH R

datorie DGLF

 R

VXP  GH EDQL SH FDUH YD WUHEXL V  R SO WHDVF  L FDUH SHQWUX HO UHSUH]LQW  R PRELOL]DUH GH
PLMORDFHDGLF RVXUV GHILQDQ DUHVXSOLPHQWDU SHVWHFHOHSURSULL
$WkWFUHDQ HOHFkWLGDWRULLOHH[LVWHQWHODPRPHQWXOvQFKHLHULLXQXLELODQ VXQWHYLGHQ LDWH
FRUHVSXQ] WRUvQVWUXFWXUDDFHVWXLDSULPHOHvQDFWLYFHOHODOWHvQSDVLY
)XUQL]RUXO SRDWH GLPLQXD WHQGLQ D FXPS U WRUXOXL VSUH VROLFLWDUHD GH FUHDQ H X]kQG GH
RIHUWD FX UDEDW FDS ,,  UHOD LLOH  $FHDVWD DFFHOHUHD]  URWD LD DFWLYHORU VDOH FLUFXODQWH

diminundu-LLPRELOL]

ULOHILQDQFLDUH

&UHGLWRUXO vL SRDWH UHFRQVWLWXL GLVSRQLELOLW

LOH E QHWL X]kQG GH WUDVIHUDELOLWDWHD

FUHGLWXOXLSULQRSHUD LXQHDGHVFRQWDUHFDS

B. Creditul bancarHVWHFHOvQFDUHXQXOGLQSDUWHQHULHVWHREDQF
HVWHGXEOXFRQVWLWXLUHDGLVSRQLELOLW

6HQVXODFHVWXLFUHGLW

LORUEDQFDUHSULQGHSXQHULSHFDUHFHLFHHFRQRPLVHVFOHIDF

ODE QFLGHSR]LWHGHSXQHULvQFRQWFXUHQWLDFRUGDUHDGHFUHGLWHGHF WUHE

DX OLSV  GH GLVSRQLELOLW

nci pentru cei care

L I U  XQ VXSRUW PDWHULDO ELQH GHWHUPLQDW DYDQVXO vQ FRQW FXUHQW OLQLD

de credit) zise credite implicite L FX VXSRUW PDWHULDO SUHFL]DW FUHGLWH SHQWUX VWRFXUL FUHGLWH GH
campanie) zise credite explicite.
Depozitele VXQW GHSXQHUL I FXWH OD E QFL FX SUHFL]DUHD FDUDFWHULVWLFLORU WHPSRUDOH la
vedere, cnd depozitarul poate cere lichidarea depozitului n orice moment, cu un eventual
SUHDYL] FRQYHQLW OD FRQVWLWXLUHD DFHVWXLD L pe termen, cnd din chiar momentul constituirii se
VWDELOHWHGXUDWDGHSR]LWXOXL

Depunerile n cont curent

DSDU GH UHJXO  SHQWUX SHUVRDQHOH IL]LFH VDX MXULGLFH FDUH vL

GHVFKLGXQFRQWSULQFDUHvLUXOHD] vQFDV ULOHLSO

LOHFXUHQWH6ROGXO]LOQLFDODFHVWXLFRQWHVWH

o disponibilitDWHSHFDUHEDQFDRSRDWHIRORVLFDVXUV GHDFRUGDUHDXQRUFUHGLWH
Avansurile n cont curent QXPLWHLFUHGLWHGHFDV VDXFUHGLWHGHWUH]RUHULH$FHVWHDVXQW
SUDFWLFDWH SHQWUX FOLHQ LL FH DX GHVFKLV OD EDQF  XQ FRQW SULQ FDUH vL UXOHD]  vQ PRG FXUHQW
vQFDV ULOH L SO

LOH *DUDQ LD GHELWRUXOXL R UHSUH]LQW  FDOLWDWHD ILQDQFLDU  D DFWLYLW

LL VDOH

FXQRVFXW  vQ WLPS GH F WUH EDQF  SUHFXP L FHUWLWXGLQHD UXO ULL vQFDV ULORU VDOH SULQ UHVSHFWLYXO

cont.

$FRUGDUHD XQRU DVWIHO GH DYDQVXUL VH IDFH vQ FRQGL LL

GLVSRQLELOLW

le n care clientul nu are

LvQFRQWXOV XVDXvQFDV LHVWHvQVLWXD LDGHDIDFHRSODW LPSUHYL]LELO $VWIHOGH

FUHGLWHQXSUHVXSXQvQVFULVXULLGHDFHHDVXQWQHWUDQVIHUDELOHDGLF E QFLOHQX LSRWUHFRQVWLWXL

scontare. Pentru acest motiv aceste credite sunt mai scumpe.

Linia de credit HVWH PRGDOLWDWHD FHD PDL U VSkQGLW  SHQWUX DFRUGDUHD

GLVSRQLELOLW

LOHSULQ

XQXL FUHGLW

FDUDFWHUL]DW  SULQ IDSWXO F  VWDELOHWH XQ SODIRQ PD[LP DO FUHGLWXOXL DFRUGDW 6XQW SUDFWLFDWH WUHL

variante de linie de credit:

RELQXLW  FDUH QX VWDELOHWH GXUDWD FUHGLWXOXL DVWIHO vQFkW EDQFD SRDWH RULFkQG VROLFLWD

rambursarea;

FRQILUPDW FDUHVWDELOHWHGXUDWDFUHGLWXOXL
UHYROYLQJ FDUH UHvQQRLHWH SRVLELOLWDWHD GH FUHGLWDUH OD QLYHOXO SODIRQXOXL FX ILHFDUH

rDPEXUVDUHHIHFWXDW
astfel:

GHGHELWRU3RVLELOLWDWHDGHFUHGLWDUHODPRPHQWXOWHVWH3&GHWHUPLQDW 

PCt = PM - Ct
unde: PM
Ct

(141.1)

= plafonul maxim de creditare;

= creditrul n uz la debitor la momentul t(Ct PM).

3H SHULRDGD W W GHELWRUXO DSHOHD]  OD XQ DOW FUHGLW GH P ULPH & LIDFH R UDPEXUVDUH

GHP ULPH53RVLELOLWDWHDGHFUHGLWDUHODPRPHQWXOWHVWH

PCt+1 = PM - (Ct + C - R)
Creditul pentru stocuri HVWH R IRUP

(141.2)

 GH FUHGLW GHVWLQDW  DFRSHULULL XQHL S U L GLQ DFWLYHOH

FLUFXODQWH DOH XQHL ILUPH vQ FRPSOHWDUHD UHVXUVHORU ILQDQFLDUH SURSULL L D DOWRU VXUVH WHPSRUDU

mobilizabile (creditul comercial, pasivele stabile). Creditul poate fi solicitat anterior sau ulterior
constituirii stocului (materii prime, materiale, semifabricate, combustibil, ambalaje, produse
ILQLWHOLYUDWHSURGXVHILQLWHvQVWRFD
6ROLFLWDUHD vQ DYDQV SUHVXSXQH R DQXPLW  VWULQJHQ
LQWHUYHQLW  SH XQ PRPHQW GH OLSV  GH OLFKLGLW

 VDX RSRUWXQLWDWH D FUH ULL VWRFXOXL

L OD VROLFLWDWRU 9LLWRUXO GHELWRU VROLFLWDWRUXO

WUHEXLH V  SUREH]H FX XQ GRFXPHQW R IDFWXU  R FRPDQG   XQ FRQWUDFW LPLQHQ D FRQVWLWXLULL
VWRFXOXL 6WULQJHQ D SRDWH LQWHUYHQL GH H[HPSOX vQ FD]XO XQHL LPLQHQWH UXSWXUL GH VWRF L SH

fondul unei OLSVH GH OLFKLGLW L QWUHSULQGHUHD VROLFLW  XQ FUHGLW SHQWUX DFKL]L LRQDUHD GH EXQXUL
ce fac obiectul respectivului stoc, n vederea recreerii acestuia la nivelul normal, curent.
2SRUWXQLWDWHD SRDWH LQWHUYHQL GH H[HPSOX vQ FD]XO H[LVWHQ HL XQHL vPSUHMXU UL GH DFKL]L LH vQ
FRQGL LLDYDQWDMRDVHD XQHL S U LGLQEXQXULOH QHFHVDUHvQDFWLYLWDWHDvQWUHSULQGHULL(VWHYRUEDGH
RvPSUHMXUDUHFRQMXQFWXUDO DFKL]L LDQHILLQGSODQLILFDW FLGHYHQLW RSRUWXQ GDWRULW FRQGL LLORU
GHOLYUDUHSUH DYDQWDMRVUDSRUWIDYRUDELOSUH  FDOLWDWHUDEDWLQWHUHVDQWD

6ROLFLWDUHD XOWHULRDU  SUHVXSXQH H[LVWHQ D VWRFXOXL ILQDQ DW SkQ  OD ]L GLQ UHVXUVHOH
VROLFLWDWRUXOXL FDUH GRUHWH V  L OH UHFXSHUH]H FKLDU DWXQFL 'RFXPHQWHOH X]XDOH FH SUREHD] 

imobilizarea resurseORUVDOHLH[LVWHQ DVWRFXOXLVXQWHIHFWHOHFRPHUFLDOHFDPELHZDUDQWSROL

D6ROLFLWDWRUXOFHGHD] E QFLLHIHFWHOHUHVSHFWLYHvQVFKLPEXOUHFRQVWLWXLULLSURSULLORUUHVXUVH

DGLF  WUDQVIHU  E QFLL FUHGLWXO FH L D IRVW vQ VDUFLQ  SkQ  OD PRPHQWXO U

espectiv. Banca preia nu

QXPDLFUHGLWXOGDULX]XIUXFWXODFHVWXLDSHSHULRDGDvQFDUHFUHGLWXOvLYDILvQVDUFLQ 

Creditul de campanie VDX FUHGLWXO SHQWUX QHYRL VH]RQLHUH HVWH R IRUP  GH FUHGLW SHQWUX
acoperirea unor nevoi sezoniere de aprovizionare sDXSURGXF LH
Creditul pentru nevoi sezoniere de aprovizionare are similitudini cu creditul pentru
VWRFXULvQFD]XOVROLFLW ULLvQDYDQVvQV QXHVWHGHWHUPLQDWGHRvPSUHMXUDUHFRQMXQFWXUDO FLHVWH
SUHGLFWLELO L GHFL SODQLILFDW FD UH]XOWDW DO IDSWXOXL F  SRVLELOLWDWH GH D J VL P UIXUL GH VSH D
QHFHVDU  HVWH LQFHUW  vQ DOWH SHULRDGH vQ DOWH VH]RDQH (VWH FD]XO PDL DOHV DO PDWHULLORU SULPH
DJULFROHYHJHWDOHGDULDOXQRUP UIXULDOF URUWUDQVSRUWHVWHFRQGL LRQDWVH]RQLHUQVH]RQXOGH

aprovizioQDUH GHELWRUXO WUHEXLH GH UHJXO

 V

-L FUHH]H VWRF OD QLYHOXO QHYRLORU vQVXPDWH SH

vQWUHDJDSHULRDG GHSkQ ODVH]RQXOXUP WRU(IRUWXOILQDQFLDUHVWHPDUHLFRQFHQWUDWWHPSRUDO

ceea ce ar nsemna, n cazul folosirii resurselor financiare proprii, o iPRELOL]DUH PDUH L GH
GXUDW 3HQWUXDHYLWDDFHVWOXFUXGHELWRUXOVROLFLW XQFUHGLWSURWHMkQGX-LUHVXUVHOH
&UHGLWXO SHQWUX QHYRL VH]RQLHUH GH SURGXF LH HVWH VLPLODU FHOXL GH DSURYL]LRQDUH GRDU F 
RELHFWXO V X vO UHSUH]LQW  SURGXF LD FH WUHEXLH I FXW  vQ H[WUDVH]RQ SHQWUX D SXWHD U VSXQGH
SURPSW FHUHULORU PDUL IRUPXODWH vQ VH]RQ 0RWLYD LD GH SURWHF LH D SURSULLORU UHVXUVH ILQDQFLDUH
DOHGHELWRUXOXLVHS VWUHD] LvQDFHVWFD]

C. Creditul obligatarHVWHFHOvQ FDUHGHELWRUHVWHGHUHJXO

 VWDWXOGDUvQFDUHDFHDVW 

SR]L LH R SRDWH GH LQH FKLDU R DGPLQLVWUD LH SXEOLF  VDX XQ DJHQW HFRQRPLF GH SULPD PkQ  SH
SLD DUHVSHFWLY 

Creditul obligatar de stat a fost prezentat pe larg n cap. III.14.

nscrisul specific acestui credit este REOLJD LXQHD vQ FD]XO WHUPHQHORU PHGLL L OXQJL L
bonul de tezaur (n cazul termenului sub un an).
'HELWRUXO HVWH FHO FH HPLWH vQVFULVXUL SH FDUH OH SODVHD]  SH SLD D GH FDSLWDO L RE LQH vQ

locul lor resurse financiare pe care le poate utiliza n activitatea sa. Astfel, emisiunea de
REOLJD LXQL GH F WUH XQ DJHQW HFRQRPLF HVWH R VXUV  GH FDSLWDO 'LQ SXQFWXO GH YHGHUH DO
DF LRQDULORU XQHL VRFLHW

L FRPHUFLDOH DFWXDOLL ILQDQ DWRUL DL DFHVWHLD HPLVLXQHD GH REOLJD LXQL

DUHDYDQWDMXOF QXPRGLILF UDSRUWXOGHIRU HvQWUHDF LRQDULDDFXPV

-ar putea ntmpla n cazul

-o emisiune

FRPSOHW ULL VXUVHORU GH ILQDQ DUH SULQWU R FUHWHUH GH FDSLWDO VRFLDO DGLF  SULQWU

VXSOLPHQWDU  GH DF LXQL 3ULQFLSDOHOH GHVWLQD LL DOH UHVXUVHORU RE LQXWH SULQ FUHGLWXO REOLJDWDU DO
DJHQ LORU HFRQRPLFLHVWHIRUPDUHD EUXW  GH FDSLWDO IL[ VDX FLUFXODQW L SODVDPHQWHOD DOWHILUPH
SDUWLFLSD LHVDXSUHOXDUHDSDFKHWXOXLGHFRQWURO
'LQSXQFWXOGHYHGHUHDOVRFLHW

LLFRPHUFLDOHHPLWHQWHFUHGLWXOREOLJDWDUDUHDYDQWDMXOGH

a fi mai ieftin deFkWFDSLWDOXOSURSULXGHRDUHFHUDWDGREkQ]LLSUH XOFDSLWDOXOXLvPSUXPXWDWHVWH

GHUHJXO PDLPLF GHFkWFHDDGLYLGHQGXOXLSUH XOFDSLWDOXOXLSURSULX

n ultimii 20 de ani, creditul obligatar a cunoscut o extensie a formelor pe termen scurt,

pentru care sunt utilizate ca nscrisuri bonurile de depozit sau certificatele de depozit emise de
DJHQ L HFRQRPLFL SULYD L vQ WHUPLQRORJLD DPHULFDQ  FRPPHUFLDO SDSHUV Q 5RPkQLD DFHDVW 
SUDFWLF  QX HVWH X]XDO  vQ OHJ WXU  FX DJHQ LL HFRQRPLFL QHILQDQFLDUL GDU VH SUDFWLF  SH VFDU 
ODUJ GHE QFLSHWHUPHQPDLDOHVGHLGH]LOH
0XOWLSOLFDUHD SRVLELOLW

LORU GH SODVDPHQW VXE IRUPD FUHGLWXOXL REOLJDWDU SUDFWLFDW GH

DJHQ LL HFRQRPLFL SULYD L GDU L GH VWDW VDX DGPLQLVWUD LL SXEOLFH SUHFXP L LQVXILFLHQ D
SRVLELOLW

LLSODVDWRULORUGHDHYDOXDVLQJXULULVFXULOHSHOHLQFXPE GLYHUVHOHSODVDPHQWHDXI FXW

V  SUROLIHUH]H DJHQ LLOH GH HYDOXDUH D ULVFXULORU SODVDPHQWHORU FDUH RIHU  FRQVXOWDQ

sens, numite DJHQ LLGHUDWLQJ.

D. Creditul ipotecarHVWHFHODOF

UXLRELHFWvO UHSUH]LQW PDWHULDSURSULHW

 vQ DFHVW

LLLPRELOLDUH

FRQVWUXF LLLWHUHQXULQWUHFUHGLWRULGHELWRULQWHUYLQHXQFRQWUDFWSRWULYLWF UXLDSULPXOSXQHOD

GLVSR]L LD FHOXL GH DO GRLOHD R VXP  SULQ FDUH DFHVWD GLQ XUP  V

-L FRQVWLWXLH VDX V -L H[WLQG

SURSULHWDWHDLPRELOLDU &RQWUDFWXODYkQGvQYHGHUH RELHFWXOVSHFLILFDOFUHGLWXOXLFRQ LQHXQHOH

prevederi caracteristice:

PHQ LRQDUHDSURSULHW

REOLJD LLOHFHGHFXUJvQFD]XOUDPEXUV ULLDQWLFLSD

LLFXFDUHVHJDUDQWHD] vPSUXPXWXO

FRQGL LLOHvQFDUHGHELWRUXOSRDWHSLHUGHSURSULHWDWHD

te;

Creditul ipotecar are mai multe forme:

a) vPSUXPXWSHLSRWHF FXGREkQG IL[ ;
b) vPSUXPXW SH LSRWHF  FX GREkQG  YDULDELO

 vQ FDUH FD] YDULD LD GREkQ]LL HVWH

GHWHUPLQDW  SH ED]D XQXL LQGLFDWRU VSHFLILF DO SLH HL ILQDQFLDUH PHQ LRQDW H[SUHV vQ

contractul de credit;
c)

vPSUXPXWSHLSRWHF

FXUDPEXUVDUHSURJUHVLY

SULQFDUHGHELWRUXOSO WHWHE QFLLvQ

SULPD SHULRDG  D GXUDWHL GH vPSUXPXW GRDU R FRW  GLQ UDWD  DPRUWLVPHQWXO RELQXLW

diminuarea ratei scDGHQWH SRDWH IL PRGLF

   VDX IRUWH SkQ  OD  vQ FDUH

FD] UDPEXUVDUHD FDS W  vQ UHVSHFWLYD SHULRDG  XQ FDUDFWHU TXDVLVLPEROLF HVWH R
IRUP  GH FUHGLW FH vQFXUDMHD]  SH FHL vQWUHSULQ] WRUL FX GLVSRQLELOLW

L PRGHVWH GDU

care au reale perspectivHGHFUHWHUHvQWLPSDFDSDFLW LLORUGHSODW 

d) credit ipotecar inversat HVWH R IRUP  SULQ FDUH GHELWRUXO vQFHDUF  V -L GLPLQXH]H
pierderile probabile rezultate din imobilizarea propriilor resurse ntr-o proprietate
LPRELOLDU  'XS  DFKL]L LD RELHFWXOXL imobil din propriile sale resurse, proprietarul
LSRWHFKHD] DFHVWRELHFWRE LQkQGFHOSX LQSDU LDOUHVXUVHILQDQFLDUHODQLYHOXOFHORU
LQYHVWLWH vQ UHVSHFWLYD DFKL]L LH $FHVWH UHVXUVH VXQW SODVDWH SH WHUPHQ OXQJ LDU GLQ
DQXLW

LOHUH]XOWDWHUDPEXUVHD] FUHGLWXOLSRWHFDUSHFDUHO

E. Creditul de consumHVWHFHODOF

-a preluat.

UXLRELHFWvOIRUPHD] FRQVXPXOSHUVRQDO'HELWRUXO

HVWHGHUHJXO RSHUVRDQ IL]LF XQFRQVXPDWRUFDUHGRUHWHV FRQVXPHGHFLV DFKL]L LRQH]H

dar nu are suficiente resurse. Creditorul poate fi un furnizor oarecare de bunuri de consum sau
EDQFD 'HELWRUXO SRDWH DSHODFUHGLWXO ILH ODIXUQL]RU ILH OD EDQF  IRUPD FUHGLWXOXL LQL LDO GXS 
FXP L IXUQL]RUXO SRDWH V  WUDQVIHUH SULQ VFRQWDUH VSUH EDQF  FHO SX LQ R SDUWH GLQ

creditele

DFRUGDWHLQL LDOFKLDUGHF WUHHOIRUPD

creditului ulterior).

&UHGLWXOGHFRQVXPFXQRDWHGRX IRUPHPDLU VSkQGLWH

a) credit deschis QXPLW L FX UDPEXUVDUH QHHDORQDW

 vQ FDUH FUHGLWRUXO HVWH GLVSXV V 

DFRUGHXQFUHGLWI U DVWDELOLVFDGHQ HGHUDPEXUVDUHXUPkQGFDGHELWRUXOV DLE LQL LDWLYDSO

LL

vPSUXPXWXOXL HVWH R IRUP  GH FUHGLW I U  vQVFULV SUDFWLF  SHQWUX FOLHQ LL ILGHOL L GHVSUH FDUH VH
WLH F  DX FDSDFLWDWH GH SODW  vQ FD] GH FUHWHUH DODUPDQW  D GDWRULHL QHUDPEXUVDWH GH UHJXO 
FUHGLWRUXOvQFHWHD] DFRUGDUHDGHQRLFUHGLWH

b) FUHGLWHDORQDWvQFDUHS

U LOHVWDELOHVFGHFRPXQDFRUGvQF GHODDWULEXLUHDFUHGLWXOXL

VFDGHQ HOHLFXDQWXPXOUDPEXUV ULORU

3.4. Instrumente de credit

Instrumentele de credit sunt nscrisuri care

DWHVW  H[LVWHQ D XQHL UHOD LL GH FUHGLW $FHVWH

LQVWUXPHQWHQXDXYDORDUHvQVLQHSURSULHVDXLQWULQVHF FLVXQWGRDUXQVLPERODFFHSWDWSHQWUX

DIDFHSO L$FHVWHvQVFULVXULVHPDLQXPHVFtitluri de credit. Formele acestor titluri sunt legate,
n prinFLSDO GH VIHUD GH FUHGLWDUH GDU L GH LQL LDWLYD GH SODW  D WLWXODULORU GH GLVSRQLELOLW L
GH LQXWH vQ E QFL VDX D IXUQL]RULORU SH FUHGLW vQ YHGHUHD vQFDV ULL VXPHORU SH FDUH OL OH GDWRUHD] 
FOLHQ LLORU

Legat de sfera de creditare sunt uzuale cambia cuIRUPHOHHLELOHWODRUGLQSROL

WUDW L

ZDUDQW vQ FD]XO FUHGLWXOXL FRPHUFLDO ELOHW GH EDQF  L &(& vQ FD]XO FUHGLWXOXL EDQFDU
REOLJD LXQHERQGHWH]DXUFHUWLILFDWGHGHSR]LWvQFD]XOFUHGLWXOXLREOLJDWDU
/HJDW GH LQL LDWLYD GH SODW  D WLWXODULORU GH GLVSRQLELOLW

L GH LQXWH vQ E QFL DGLF  GH

SRVHVRULLGHGHSR]LWHVDXFRQWXULFXUHQWHVXQWX]XDOHRUGLQXOGHSODW LYLUDPHQWXO

/HJDW GH LQL LDWLYD GH SODW  D IXUQL]RULORU SH FUHGLW FHL FH DX OLYUDW EXQXUL XQRU FOLHQ L
XUPkQGFDSODWDV VHGDF XOWHULRUVXQWX]XDOHDYL]XOGHSODW LGLVSR]L LDGHSODW 

CambiaHVWHXQWLWOXGHFUHGLWFHDWHVW

REOLJD LDGHDVHSO WLVDXGHDIDFHV VHSO WHDVF 

ODVFDGHQ DPHQ LRQDW VXPDvQVFULV vQWLWOX

Biletul la ordinHVWHFDPELDFXGRLSDUWLFLSDQ i:

WUDVXO FHO FH vL DVXP  REOLJD LD GH SODW  HO HVWH HPLWHQWXO DGLF  VXEVFULLWRUXO ELOHWXOXL
UHVSHFWLYFHOFDUHvLFUHHD] RREOLJD LHDGLF DUHRGDWRULHID

GHEHQHILFLDULSHFDUHFKLDU

HORYDSO WL

EHQHILFLDUXOFHOFDUHYDvQFDVDODVFDGHQ
RFUHDQ

VXPDPHQ LRQDW vQELOHWDGLF FHOFHL

DIRVWDFRUGFDSDUWHQHUXOV XGHDIDFHULV

-LU

-a asumat

PkQ GDWRU

QFLUFXLWXOELOHWXOXL ODRUGLQILJSDUWLFLS vQDIDU  GHFHOH GRX S U LLE QFLOHSULQ

FDUH HOH vL GHUXOHD]  vQFDV ULOH  SO

LOH &LUFXLWXO SXQH vQ HYLGHQ

JHQHUDWRDUHGHREOLJD LLFUHDQ HE QHWLFkWLIOX[XULOHPRQHWDUH

 DWkW IOX[XULOH UHDOH

1
TRAS

fluxul real
circuitul de document
flux monetar

BENEFICIAR

5
BANCA
EMITENTULUI

BANCA
BENEFICIARULUI

Fig.2. Circuitul biletului la ordin

Q ED]D XQHL vQ HOHJHUL UHFLSURFH FRQWDFW FRQYHQ LH HWF EHQHILFLDUXO vQ FDOLWDWH GH
IXUQL]RUOLYUHD] SUHVWHD] FOLHQWXOXLV XRSDUWLG GHPDUI XQVHUYLFLXvQILJFLUFXLWXO
D F UHL SODW  FOLHQWXO QX R SRDWH IDFH SH ORF D

stfel nct, cu acceptul furnizorului, i emite

DFHVWXLD XQ ELOHW OD RUGLQ  Q DFHVWD VH PHQ LRQHD]  QXPHOH HPLWHQWXOXL DGUHV FRQW EDQFDU
EDQFDODFDUHHVWHGHVFKLVFRQWXOLDOWHGDWHGHLGHQWLILFDUHVXPDGDWRUDW GDWDLORFXOHPLWHULL

scaden DORFXOSO

LLQXPHOHEHQHILFLDUXOXLSO

LL%HQHILFLDWXOUHPLWHELOHWXOE QFLLVDOHFDUH

vLYDUV VXPDvQFRQWVXEIRUPDXQXLFUHGLWLFRQWUDXQHLUHPXQHU ULVXEIRUP GHFRPLVLRQ

%DQFD EHQHILFLDUXOXL SUH]LQW  ELOHWXO OD SODW  E QFLL HPLWHQWXOXL  FDUH DFKLW  ELOHWXO OD RUGLQ
LDUODVFDGHQ

UH LQHVXPDSOXVFRPLVLRQLGREkQ]LGLQFRQWXOHPLWHQWXOXL

%LOHWXO OD RUGLQ PDLFRQ LQH XQ HOHPHQW GH FRQILUPDUH L XQXO GH JDUDQWDUH &RQILUPDUHD
HVWH I FXW  SULQ VHPQ WXUD HPLWHQWXOXL GDWDW  L vQVR LW  GH PHQ LXQHD Y ]XW *DUDQWDUHD HVWH
I FXW GHXQWHU QXPLW

avalistFDUHvLDVXPDREOLJD LDGHDSO

WLODVFDGHQ

vQFD]F HPLWHQWXO

HVWH vQ LPSRVLELOLWDWH GH SODW  $YDOLVWXO JDUDQWHD]  SULQ VHPQ WXU  VSHFLILFkQG SHQWUX FLQH D

gaUDQWDWUHVSHFWLYSHQWUXHPLWHQWFXPHQ LXQHDDYDOL]DW

TrataVDXSROL DHVWHRFDPELHFXWUHLSDUWLFLSDQ L

trasulFXDFHLDLSR]L LHFDvQFD]XOELOHWXOXLODRULQGDUFDUHQX-LPDLDVXP
GHSODW FLHVWHSXVFKHPDWV SO WHDVF GHF WUHFLQHYDID

VLQJXUREOLJD LD

GHFDUHDUHRGDWRULHE QHDVF 

beneficiarul FX DFHLDL SR]L LH FD vQ FD]XO ELOHWXOXL OD RUGLQ GDU FDUH QX D DYXW R UHOD LH GH
DIDFHULGLUHFW FXWUDVXOFLFXSHUVRDQDF UXLDDFHVWDvLHVWHGDWRU

WU

WRUXO

este simultan datornic fa

GHEHQHILFLDULFUHDQ LHUID

UHOD LL GLUHFWH GH DIDFHUL HO SO WHWH GDWRULD ID

ID

GHWUDVDYkQGFXDPkQGRL

 GH EHQHILFLDU FX GDWRULD SH FDUH WUDVXO R DUH

GHHOHVWHHPLWHQWXOSROL HL
Q FLUFXLWXO WUDWHL ILJ  SDUWLFLS  vQ DIDUD FHORU WUHL S U L L E QFLOH WUDVXOXL L

beneficiarului.
TRAGATOR
1

BENEFICIAR

TRAS

8
BANCA
TRASULUI

4
6
7

BANCA
BENEFICIARULUI

)LJ&LUFXLWXOSROL HL
FXDFHOHDLVHPQLILFD LLJUDILFHFDvQILJ

QED]DXQHLvQ HOHJHULUHFLSURFHvQWUHWUDVLWU J WRUSULPXOvLHVWHGDWRUVDXvLYDILGDWRU

celuilalt pentru o livrare / prestare pe care acesta i-DI

FXW

-o / i-o va face (n fig. 3 circuit 1). Se

-

FRQYLQH GH DVHPHQHD FD VWLQJHUHD GDWRULHL V  VH IDF  SULQWU R SODW  SH FDUH WUDVXO V  R IDF  vQ
IDYRDUHDEHQHILFLDUXOXLLQGLFDWGHWU J WRU7U J WRUXODSULPLWYDSULPLROLYUDUHSUHVWD LHGHOD
EHQHILFLDUF UXLDvLYDRIHUL FDSODW SROL D%HQHILFLDUXO RSUH]LQW  E QFLLVDOHFDUHvL
FUHGLWHD]  FRQWXO GLQ EDQF   FRPSOHWkQGX L GLVSRQLELOLW

LOH SH FDUH DU IL WUHEXLW V  OH

-a primit) GH OD WU J WRU %DQFD EHQHILFLDUXOXL WULPLWH SROL D E QFLL WUDVXOXL
VXPDLDSRLL-RUHFXSHUHD] SULQGHELWDUHDFRQWXOXLWUDVXOXL

SULPHDVF  GDU QX OH

FDUHYLUHD]
Q SROL

 VH PHQ LRQHD]  VXPD GH SODW  GDWD HPLWHULL VFDGHQ D L ORFXO SO

identLILFDUH DOH WUDVXOXL QXPH DGUHV

EHQHILFLDUXOXL SO

LL GDWHOH GH

 QXP U GH FRQW EDQFD XQGH HVWH GHVFKLV D QXPHOH

LL 0DL H[LVW  GH DVHPHQHD XQ HOHPHQW GH FRQILUPDUH XQXO GH DFFHSWDUH L

XQXO GH JDUDQWDUH &RQILUPDUHD R IDFH WU J WRUXO SULQ VHPQ WXU  L SULQ

precizarea unor date de

LGHQWLILFDUH QXPH DGUHV  D $FFHSWDUHD R IDFH WUDVXO SULQ VHPQ WXU  SUHFL]DUHD QXPHOXL L
PHQ LXQHDDFFHSWDW*DUDQWDUHVHIDFHVLPLODUELOHWXOXLODRUGLQ

Warantul HVWH XQ GRFXPHQW FX URO GH HIHFW FRPHUFLDO FDUH DWHVW
-

 H[LVWHQ D XQXL VWRF GH

PDUI  vQWU XQ GHSR]LW HYHQWXDO FKLDU SH XQ PLMORF GH WUDQVSRUW DIODW vQ FXUV  L vQ ED]D F UXLD
EDQFD SRDWH RIHUL XQ FUHGLW SHQWUX VWRF 'LQ PRPHQWXO vQ FDUH ZDUDQWXO VH DQGRVHD]  DGLF  VH
LQVFULS LRQHD]  GH F WUH EDQF  SH UHFLSLVD ZDUDQW SDUWH GHWDDELO  D ZDUDQWXOXL UHIHULWRU OD

creditul ce l-a oferit pentru stocul dovedit prin warantul respectiv, acest document devine titlu de
FUHGLWLLQWU vQFLUFXLWXODFHVWRUDVHLQFOXGHvQSRUWRIROLXOGHDFWLYHDOE QFLLSRDWHILVFRQWDW
%LOHWXO GH EDQF

 HVWH HPLV GH EDQFD GH HPLVLXQH vQ FXSLXUL GLIHULWH FD WLWOX OD SXUW WRU

I U WHUPHQGHUDPEXUVDUHLFXSXWHUHFLUFXODWRULH(VWHQXPLWLEDQFQRW 

CEC-ul HVWH R GLVSR]L LH GH SODW

 GDW  GH WLWXODUXO XQXL FRQW  GHSR]LW EDQFDU F WU

UHVSHFWLYDEDQF GHDSO WLRVXP GHEDQLEHQHILFLDUXOXLPHQ LRQDW&(&QRPLQDOVDXFHOXLFH

VH SUH]LQW  FX UHVSHFWLYXO &(& &(& OD SXUW WRU Q FD]XO vQ FDUH vQ &(& VH PHQ LRQHD]   XQ
FRQWvQFDUHWUHEXLHI FXW SODWD&(&YLUDPHQWEDQFDHPLWHQWXO

ui va face transferul de bani sub

IRUP  VFULSWXUDO  Q DQXPLWH FD]XUL EDQFD HPLWHQWXOXL FRQILUP  H[LVWHQ D GLVSRQLELOXOXL vQ
FRQWXO FOLHQWXOXL V X &(& FRQILUPDW GkQG DVWIHO R JDUDQ LH EHQHILFLDUXOXL &(&

-ului de

FDSDFLWDWHD GH SODW  D HPLWHQWXOXL 3HQWUX D HYLWD IRORVLUHD LOHJDO  D XQRU &(& XUL VH IRORVHWH

FRQYHQ LD GH EDUDUH D DFHVWRUD &(& EDUDW SULQ FDUH SODWD QX SRDWH IL HIHFWXDW  GHFkW F WUH R
LQVWLWX LHEDQFDU 

n ultimii 20 de ani s-a extins mult un instrument similar CEC-ului, cartea de credit,
LQVWUXPHQWLQIRUPDWL]DWGHSODW SULQFDUHFRQILUPDUHDFDSDFLW

LLGHSODW VHIDFHvQWLPSUHDOOD

IHO SODWD LvQ SOXV VH SRDWHDFRUGD L FUHGLW GHF WUH EDQFD WLWXODUXOXL vQFD]XO F  GLVSRQLELOXO vQ

contul lui ar putea fi insuficient.

3
EMITENT

BENEFICIAR
4

7
BANCA
BENEFICIARULUI

BANCA
EMITENTULUI

8
Fig.4. Circuitul CEC-ului
FXDFHOHDLVHPQLILFD LLJUDILFHFDvQILJ

(PLWHQWXO L D GHVFKLV XQ FRQW  GHSR]LW OD EDQFD OXL vQ ILJ  FLUFXLWXO  L VROLFLW 
DFHVWHLD V

-i elibereze un carnet de CEC-XUL

 (PLWHQWXO VH EXFXU  GH R SUHVWD LH D

beQHILFLDUXOXL  SH FDUH R DFKLW  FX XQ &(&  %HQHILFLDUXO SUH]LQW  &(&-XO E QFLL VDOH 
care i-O RQRUHD]   L DSRL vO UHPLWH E QFLL HPLWHQWXOXL  FDUH OD UkQGXO HL vO DFKLW   GXS 
FDUHvLUHFRQVWLWXLHGLVSRQLELOLW LOHSULQGHELWDUHDFRQWXlui emitentului (9).

4. Modelarea echilibrului monetar

FROLOH HFRQRPLFH DX DFFHSWDW vQ SULQFLSLX SkQ  OD PDUHD FUL]  HFRQRPLF  GLQ 
LGHHDQHXWUDOLW

LLPRQHGHLvQUDSRUWFXHFRQRPLDUHDO PRWLYSHQWUXFDUHvQFRQWH[WXOORU

nu se poate vorbi dH SROLWLFL PRQHWDUH DD FXP OH-DX GHILQLW FROLOH SRVWFODVLFH ,QWHJUDUHD
PRQHGHL vQ PRGHOXO HFRQRPLF D IRVW SUDFWLFDW  vQV  DWkW GH FRDOD PHUFDQWLO  VXE IRUPD
GHSHQGHQ HORU FUHGLW PRQHG  HWF YH]L FDS , UHOD LLOH    FkW L GH OLEHUDOLVPXO

clasic,

VXE IRUPD UHOD LHL OXL )LVKHU YH]L FDS , UHOD LD  VDX D WUDQVIRUPDQWHL SURSXV  GH $OIUHG
0DUVKDOYH]LFDS,UHOD LD
&ULWLFD DFHVWRU DERUG UL LQFOXVLY SURSXQHUHD GH UHIRUPDUH D ORU D IRVW I FXW  GH -0

Keynes sub forma modelului IS -/0DGLF DWULSOXOXLHFKLOLEUXLQYHVWL LL- economii (IS), cerere
-RIHUW GHPRQHG /0LSLD DEXQXULORULVHUYLFLLORU-SLD DPRQHWDU ,6- LM).
0RGHOXO OXL .H\QHV FXSULQGH GRX  PRGXOH XQXO SULYLQG SLD D EXQXULORU L VHUYLFLLORU

inclusiv echiOLEUXOV

X,6FHO ODOWSULYLQGSLD DPRQHWDU LQFOXVLYHFKLOLEUXOXLV X/0

0RGXOXO SLH HL EXQXULORU L VHUYLFLLORU FXSULQGH WUHL IXQF LL GH FRPSRUWDPHQW L R
HFXD LHGHHFKLOLEUX

a)

IXQF LDGHFRQVXP

C = C (Y, Tn, Co)

FXSURSULHW

LOH

CY > 0

CTn

<0

(142)
CCo > 0

b) IXQF LD ILVFDO  H[SULPDW  SULQ LPSR]LWHOH QHWH Tn DGLF  SULQ GLIHUHQ D GLQWUH
impozitele T GHWHUPLQDWH FD R IXQF LH GH UDWD GHLPSR]LWDUH t L YHQLWXO VRFLDO Y L VXEYHQ LLOH
de stat (R)
Tn = Tn (t, Y, R)
(143)
cuSURSULHW
c)

LOH

Tnt > 0

TnY > 0

TnR < 0

IXQF LDGHLQYHVWL LL

I = I (r, Y, I0)
FXSURSULHW

d)

LOH

Ir < 0

IY > 0

(144)

II 0 > 0

HFXD LDGHHFKLOLEUX

Y=C+I+G
unde: C
C0
I
r
T0
G

(145)

= consumul;
= consumul autonom;
LQYHVWL LLOH

= rata dobnzii;
LQYHVWL LLOHDXWRQRPH

= cheltuieli guvernamentale.

6XEVWLWXLQGIXQF LLOHGHFRPSRUWDPHQWvQHFXD LDGHHFKLOLEUXVHRE LQHRGHSHQGHQ

rata dobn]LL L FHOHODOWH YDULDELOH DOH PRGHOXOXL FDUDFWHUL]DW

vQWUH

 SULQ SDUDPHWULL UH]XOWD L GLQ

WUDQVIRUPDWHOH SDUDPHWULORU IXQF LLORU GH FRPSRUWDPHQW Q DFHDVW  GHSHQGHQ

 YDULDELOHOH GH

VWDUHGDULGHDQDOL] VXQWUDWDGREkQ]LLLYHQLWXOFHOHODOWHILLQGYDULDELOHGHFRPDQG SHFDUH

OH YRP LGHQWLILFD SULQ LQGH[DUH FX  $FHVWH YDULDELOH GH FRPDQG  UHSUH]LQW  SkUJKLL GH

LQWHUYHQ LH vQ HFKLOLEUXO SLH HL L GHILQHVF DVWIHO SROLWLFL GH LQWHUYHQ LH GH FRQVXP &0
LQYHVWL LL ,0

), de

), fiscale (t0), de consum guvernamental (G0, R0 Q IXQF LRQDUHD PRGHOXOXL DFHVWHD

DSDU FX YDORUL GDWH H[RJHQ H[SULPkQG VROX LL GH FRUHFWDUH D HFKLOLEUXOXL SLH HL SH VHDPD
LQWHUYHQ LLORU

SULQ

SROLWLFL

JXYHUQDPHQWDOH

frnare/descurajare.
DeSHQGHQ DvQWUHFHOHGRX

GH

VXV LQHUHVWLPXODUHvQFXUDMDUH

VDX

YDULDELOHGHVWDUHDQDOL] HVWHGDW VLQWHWLFGHUHOD LD

r = r1 (Y)
FXSURSULHW

LOH

GH

r1'Y < 0
r1'Co > 0

(146)

r1'to < 0
r1'Go > 0
r1'Io > 0

9DULD LD YDULDELOHORU GH FRPDQG  ID

r1R 0 > 0

 GH R VLWXD LH LQL LDO  GHWHUPLQ  YDULD LD UDWHL

dobnzii:
L FUHWHUL DOH YDORULORU H[RJHQH LQL LDOH DOH OXL &0

, G0, I0 L 50 SUHFXP L UHGXFHUL DOH

YDORULLH[RJHQHLQL LDOHDOXLW0GHWHUPLQ FUHWHULDOHUDWHLGREkQ]LL

LL GLPLQX UL DOH YDORULORU H[RJHQH LQL LDOH DOH OXL &0

, G0, I0 L 50 SUHFXP L FUHWHUL DOH

YDORULLH[RJHQHLQL LDOHDOXLW0GHWHUPLQ UHGXFHULDOHUDWHLGREkQ]LL

3UHVXSXQkQG UHSUH]HQWDUHD IXQF LHL

r1 ntr-XQ SODQ

GH GRX  FRRUGRQDWH YHQLW UDWD

GREkQ]LL YDULD LLOH PDL VXV PHQ LRQDWH GHWHUPLQ  GHSODVDUHD JUDILFXOXL IXQF LHL U ID

 GH

VLWXD LD LQL LDO  VSUH GUHDSWD SHQWUX YDULD LLOH L L VSUH VWkQJD SHQWUX YDULD LLOH LL UH]XOWkQG
UHVSHFWLYJUDILFHOHUDLUEILJ
6LWXD LDLQL LDO HVWHUHSUH]HQWDW vQILJGHFXUEDUvQFDUHRVWDUHLQL LDO DHFKLOLEUXOXL

economic, fie AHVWHFDUDFWHUL]DW

SULQYDORULOH

Y0, R0DOHYDULDELOHORUGHVWDUHDQDOL]

r1a

r1
r1b

r1
r2
r0
r4
r3

B
C
G

EA
F
Y3 Y4 Y0 Y2 Y1

)LJ'HSODVDUHDFXUEHL,6vQIXQF LHGHPRGLILFDUHD
P

ULPLORUYDULDELOHORUGHFRPDQG

3H VHDPD XQRU SROLWLFL H[SDQVLRQLVWH WLS L  VH SRW DFFHGH VW UL DOH HFKLOLEUXOXL
HFRQRPLFDDFXPVXQW%<2

, r2) sau C (Y1, r0) sau D (Y0, r1).

(FKLOLEUHOH & L ' VXQW XQLODWHUDOH SUHVXSXQkQG FRQVWDQ D XQHLD GLQ YDULDELOHOH GH VWDUH

r0, respectiv Y0 (IHFWXO SHQWUX YDULDELOD GH VWDUH QHFRQVWDQW

respectiv r1 > r2 > r0.

 HVWH PDL DPSOX <1

> Y2 > Y0 ,

(FKLOLEUXO % HVWH ELODWHUDO GDU PDL PRGHUDW GHRDUHFH FUHVF QLYHOHOH LQL LDOH DWkW SHQWUX

rata dobnzii (r2 > r0, dar r2 < r1), FkW L SHQWUX YHQLW <2 > Y0, dar Y2 < Y1 &XFkW FUHWHUHD GH

UDW  D GREkQ]LLHVWH PDLPLF  FX DWkW FUHWHUHD YHQLWXOXLHVWH PDL PDUH $MXVWDUHD FUHWHULL UDWHL

GREkQ]LL QX SRDWH IL UHDOL]DW  vQ FRQWH[WXO DFHVWXL HFKLOLEUX GHRDUHFH HVWH R SUREOHP  GH SLD

PRQHWDU  FHHD FH SUHVXSXQH XWLOL]DUHD XQRU SkUJKLL PRQHWDUH H[SULPkQG SROLWLFL PRQHWDUH SH
FDUHOHSXQHvQRSHU %DQFD&HQWUDO 'LQSXQFWXOGHYHGHUHDOSUH XOXLVRFLDOLQWHUHVDQW HVWH

starea de echilibru C,vQFDUHYHQLWXOFUHWHI

U V FUHDVF UDWDGREkQ]LL

3H VHDPD XQRU SROLWLFL UHVWULF LRQLVWH WLS LL  VH SRW DFFHGH VW UL DOH HFKLOLEUXOXL
HFRQRPLFDDFXPVXQW(<4

, r4) sau F(Y0, r3) sau G (Y3, r0).

(FKLOLEUXO ) L * VXQW XQLODWHUDOH SUHVXSXQkQG FRQVWDQ D XQHLD GLQ YDULDELOHOH GH VWDUH

Y0, respectiv r0 (IHFWXO SHQWUX YDULDELOD GH VWDUH QHFRQVWDQW

respectiv Y3 < Y4 <Y0.

 HVWH PDL DPSOX U3

< r4 < r0,

(FKLOLEUXO ( HVWH ELODWHUDO GDU PDL PRGHUDW GHRDUHFH VFDG QLYHOHOH LQL LDOH DWkW SHQWUX

rata dobnzii (r4 < r0 FkW L SHQWUX YHQLW <4 < Y0 GDU vQ PDL PLF  P VXU  GHFkW vQ FD]XULOH )
(pentru care r3 < r4L*SHQWUXFDUH<3 < Y4). Pentru conservarea nivelului venitului social este
QHFHVDU RUHGXFHUHFUHWHUHGUDVWLF DUDWHLGREkQ]LL$MXVWDUHDUDWHLGREkQ]LLHVWHDDFXPDP
PHQ LRQDW R FKHVWLXQH GH SROLWLF  PRQHWDU  D % QFLL &HQWUDOH 'LQ SXQFWXO GH YHGHUH DO
SUH XOXL VRFLDO LQWHUHVDQW  HVWH VWDUHD GH HFKLOLEUX ) FDUH S VWUHD]  QLYHOXO YHQLWXOXL VRFLDO SH
VHDPDDMXVW ULLUDWHLGREkQ

zii.

Q FD]XULOH GH VXSUDvQF O]LUH VDX OkQFH]LUH DFFHQWXDW  D HFRQRPLHL SRW GHYHQL
RSRUWXQHLLQWHUHVDQWHLDOWHVW ULGHFkW&L)DFFHVXOODHOHLQFOXVLYODFHOHGRX PHQ LRQDWH
ILLQG R SUREOHP  GH FRPELQDUH D SROLWLFLORU GH FRQVXP  LQYHVWL L

i / fiscale / bugetare cu cele

monetare.
0RGXOXO SLH HL PRQHWDUH FXSULQGH GRX  IXQF LL GH FRPSRUWDPHQW L R HFXD LH GH

echilibru:
a) HFXD LDGHHFKLOLEUX
b) IXQF LDGHRIHUW
b)

L=M

(147)

M = M0

(148)

L = L (Y,r,L0)

(149)

GHEDQL

IXQF LDGHFHUHUHGHEDQL

FXSURSULHW

LOH

LY > 0

unde: L = cererea de bani;

M = oferta de bani;
L0 FHUHUHDDXWRQRP

Lr < 0

L L o > 0

GHEDQL

QOHJ WXU FXLQGLFHOHVHS VWUHD] FRQYHQ LDI FXW PDLVXVODPRGX

lul IS.

6XEVWLWXLQGIXQF LLOHGHFRPSRUWDPHQWvQHFXD LDGHHFKLOLEUXVHRE LQHRGHSHQGHQ

vQWUH

UDWD GREkQ]LL L FHOHODOWH YDULDELOH DOH PRGHOXOXL FDUDFWHUL]DW  SULQ SDUDPHWULL UH]XOWD L GLQ
WUDQVIRUPDWHOH SDUDPHWULORU IXQF LLORU GH FRPSRUWDPHQW Q DFHDVW  GHSHQGHQ

 S VWU P DFHOHDL

YDULDELOHGHVWDUHDQDOL] FDLODPRGXOXO,6FHOHODOWHILLQGYDULDELOHGHFRPDQG FDUHDSDUFX

YDORUL GDWH H[RJHQ H[SULPkQG GH DVHPHQHD VROX LL GH FRUHFWDUH DOH % QFLL &HQWUDOH DGLF  SULQ

politici monetare, de stLPXODUHVDXGHIUkQDUHDWHQGLQ HORUSLH HL

'HSHQGHQ DvQWUHFHOHGRX YDULDELOHGHVWDUHDQDOL] HVWHGDW VLQWHWLFGHUHOD LD

r = r2 (Y)
FXSURSULHW

(150)

LOH

r2Y > 0
9DULD LD YDULDELOHORU GH FRPDQG  ID

r2 L o > 0

r2 M o < 0

 GH R VLWXD LH LQL LDO  GHWHUPLQ  YDULD LD UDWHL

dobnzii:
L FUHWHUHD YDORULL H[RJHQH LQL LDOH D OXL 00 SUHFXP L UHGXFHUHD YDULDELOHL H[RJHQH

LQL LDOHDOXL/0GHWHUPLQ UHGXFHULDOHUDWHLGREkQ]LL

(ii) diminuarea valorii exogHQH LQL LDOH D OXL 00 SUHFXP L FUHWHUHD YDORULL H[RJHQH

LQL LDOHDOXL/0GHWHUPLQ FUHWHULDOHUDWHLGREkQ]LL

3UHVXSXQkQG UHSUH]HQWDUHD IXQF LHL

r2 ntr-XQ SODQ GH DFHOHDL FRRUGRQDWH YHQLW UDWD

GREkQ]LL FD L vQ FD]XO PRGXOXOXL ,6 YDULD LLOH PDL VXV PHQ LRQDWH GHWHUPLQ  GHSODVDUHD
JUDILFXOXL IXQF LHL U ID

 GH VLWXD LD LQL LDO  VSUH GUHDSWD SHQWUX YDULD LLOH L L VSUH VWkQJD

SHQWUXYDULD LLOHLLUH]XOWkQGUHVSHFWLYJUDILFHOHUDLUEILJ

r
r4
r3
r0
r2

r2b

r2

E
G

r2a

C
A
B

r1
D
Y4

Y3

Y2

Y0

Fig.6. Deplasarea curbeL/0vQIXQF

Y1

LHGHPRGLILFDUHDP

ULPLORU

YDULDELOHORUGHFRPDQG
6LWXD LD LQL LDO  HVWH UHSUH]HQWDW  vQ ILJ  GH FXUED U vQ FDUH R VWDUH LQL LDO   D

echilibrului economic, fie A HVWH FDUDFWHUL]DW

aQDOL] 

 SULQ YDULDELOH <0

, r0) ale variabilelor de stare/

3H VHDPD XQRU SROLWLFL GH GLPLQXDUH D UDSRUWXOXL FHUHUHRIHUW  GH EDQL WLS L VH SRW
DFFHGHVW ULDOHHFKLOLEUXOXLHFRQRPLFDDFXPVXQW%<2

, r2) sau C(Y1,r0) sau D(Yo, r1).

variabilele de stare:
r0, respectiv Y0 (IHFWXO SHQWUX YDULDELOD GH VWDUH QHFRQVWDQW  HVWH PDL DPSOX <1 > Y2 > Y0,
respectiv r1 < r2 <r0.
(FKLOLEUHOH & L ' VXQW XQLODWHUDOH SUHVXSXQkQG FRQVWDQ D XQHLD GLQ

(FKLOLEUXO % HVWH ELODWHUDO GDU PDL PRGHUDW GHRDUHFH VFDG QLYHOHOH LQL LDOH SHQWUX UDWD

dobnzii (r2 < r0, dar r2 > r1LFUHVFSHQWUXYHQLW<2 > Y0, dar Y2 < Y1). Cu ct diminuarea ratei

GREkQ]LL HVWH PDL SURQXQ DW  FX DWkW FUHWHUHD YHQLWXOXL HVWH PDL PDUH $FHDVWD HVWH UH]XOWDWXO
LHIWLQLULLEDQLORUFDUHVWLPXOHD] UHODQVDUHDDFWLYLW

LLHFRQRPLFH

Pe seama unRUSROLWLFLGHFUHWHUHDUDSRUWXOXLFHUHUHRIHUW GHEDQLWLSLLVHSRWDFFHGH

VW ULDOHHFKLOLEUXOXLHFRQRPLFDDFXPVXQW(<3, r3) sau F(Y0, r4) sau G(Y4, r0).
(FKLOLEUXOXL)L*VXQWXQLODWHUDOHSUHVXSXQkQGFRQVWDQ DXQHLDGLQYDULDELOHOHGHVWare:
Y0, respectiv r0 (IHFWXO SHQWUX YDULDELOD GH VWDUH QHFRQVWDQW  HVWH PDL DPSOX U4>r3>r0, respectiv
Y4<Y3<Y0.

(FKLOLEUXO ( HVWH ELODWHUDO GDU PDL PRGHUDW GHRDUHFH VH PRGLILF  QLYHOHOH LQL LDOH DWkW

pentru rata dobnzii (r3>r0FkWLSHQWUXYHQLWY3<Y0GDUvQPDLPLF P VXU GHFkWvQFD]XULOH

F (pentru care r4>r3 L * SHQWUX FDUH <4<Y3 3HQWUX FRQVHUYDUHD QLYHOXOXL UDWHL GREkQ]LL L

LPSOLFLW D HFKLOLEUXOXL SLH HL PRQHWDUH HVWH QHFHVDU  R FUHWHUHGLPLQXDUH SXWHUQLF  D QLYHOXOXL

venitului.
AnaOL]D FRPELQDW

DFHORU GRX PRGXOH,6L/0UHOHY GRX HFXD LLL vQ

FDUH FHOH GRX  YDULDELOH GH VWDUHDQDOL]  U L  < SRW IL GHWHUPLQDWH vQ PRG XQLF 6ROX LD FHORU
GRX HFXD LLHVWH

r*LY*LUHSUH]LQW
general al economiei (fig. 7).

SXQFWXOGHHFKLOLEUXDOFHORUGRX SLH HDGLF XQHFKLOLEUX

r
r2b
C
I

r2
F

A
D
H

r2a

E
r1a

G
r1
B

r1b
Y

Fig.7. Echilibrul general al economiei n modelul IS LM

LGHSODVDUHDSXQFWXOXLGHHFKLOLEUXvQIXQF LHGH
SROLWLFLOHLQWHUYHQ LRQLVWH
)D

GHHFKLOLEUXOHFRQRPLFJHQHUDOLQL LDO$VHSRWIRUPXOD

D SROLWLFL GH FRQVHUYDUH D QLYHOXOXL YHQLWXOXL % L & VWLPXOkQG SURFHVXO GH HFRQRPLVLUH VDX
GHVFXUDMkQGLQYHVWL LLOH&UHVSHFWLYGHVFXUDMkQGHFRQRPLVLUHDVDXVWLPXOkQGLQYHVWL LLOH%
ESROLWLFLGHHFKLOLEUXDOSLH HLPRQHWDUH'L(GHVFXUDMkQGFUHWHUHDHFRQRPLF 'UHVSHFWLY

stimulndo (E);
F SROLWLFL PL[WH GH VWLPXODUH D FUHWHULL HFRQRPLFH ) L * VWLPXOkQG SURFHVXO GH HFRQRPLVLUH
VDX GHVFXUDMkQG LQYHVWL LLOH ) UHVSHFWLY GHVFXUDMkQG HFRQRPLVLUHD VDX VWLPXOkQG LQYHVWL LLOH

(G);
G SROLWLFL PL[WH GH GHVFXUDMDUH D FUHWHULL HFRQRPLFH + L , VWLPXOkQG SURFHVXO HFRQRPLVLULL
VDXGHVFXUDMkQGLQYHVWL LLOH,UHVSHFWLYGHVFXUDMkQGHFRQRPLVLUHDVDXVWLPXOkQGLQYHVWL LLOH+
&DUDFWHULVWLFDHYHQWXDOHORUQRLVW ULGHHFKLOLEUXSRDWHILIRUPXODW DVWIHOvQFHOHFD]XUL

(B ,SXVHvQHYLGHQ

GHPRGHOXO,6

LM:

%UHODQVDUHPRQHWDU
&IUkQ PRQHWDU
'IUkQ EXJHWDU 
(UHODQVDUHEXJHWDU
)UHODQVDUHDEXJHWDU LIUkQ PRQHWDU
*UHODQVDUHPRQHWDU LEXJHWDU
+IUkQ EXJHWDU LUHODQVDUHPRQHWDU
IUkQ PRQHWDU LEXJHWDU 
5HODQVDUHD PRQHWDU  HVWH R SROLWLF  GH UHOD[DUH D SLH HL PRQHWDUH SULQ GLPLQXDUHD UDWHL
GREkQ]LL VDX SULQ UHGXFHUHD UDSRUWXOXL FHUHUHRIHUW  GH EDQL /D DFHDVWD FRQWULEXLH UH

ducerea

WD[HL RILFLDOH D VFRQWXOXL GLPLQXDUHD UH]HUYHL REOLJDWRULL D E QFLORU FRPHUFLDOH HPLVLXQHD GH
PRQHG D% QFLL&HQWUDOHILHSULQQXPHUDUVXSOLPHQWDUILHSULQUHILQDQ DUHDE QFLORUFRPHUFLDOH
'LPLQXDUHD UDWHL GREkQ]LL DPSOLILF  SURFHVXO LQYHVWL L

onal, deoarece banii / creditul sunt mai

LHIWLQL 3H GH DOW  SDUWH DFHDVWD GHVFXUDMHD]  SURFHVXO GH HFRQRPLVLUH GREkQGD OD SODVDPHQWH
EDQFDUHHVWHPDLPLF FHHDFHVWLPXOHD] FRQVXPXODGLF FHUHUHDFUHkQGSLD

GHGHVIDFHUHL

VWLPXOkQGSURGXF LD
)UkQDPRQHWDU HVWHRSROLWLF GHvQ VSULUHDFRQGL LLORUSLH HLPRQHWDUHSULQPRGLILF ULvQ
VHQV RSXV DOH SkUJKLLORU LQGLFDWRULORU HFRQRPLFL PHQ LRQDWH PDL VXV L HYLGHQW FX HIHFWH GH

sens opus.